https://www.taxtmi.com/caselaws?id=365798 The Tribunal held that the application under Section 10 of the Insolvency and Bankruptcy Code filed by the Board of Directors without shareholders' approval was not maintainable. The impugned order initiating Corporate Insolvency Resolution Process was set aside, and actions taken based on it were declared illegal. The Corporate Debtor was released from legal constraints, allowed to operate independently through its Board of Directors. The Adjudicating Authority was directed to determine the Resolution Professional's fee, to be paid by the Corporate Debtor. The appeal was allowed with no costs awarded. en-us Thu, 19 Jul 2018 00:00:00 +0530 Thu, 23 Aug 2018 09:37:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365798 The Tribunal held that the application under Section 10 of the Insolvency and Bankruptcy Code filed by the Board of Directors without shareholders' approval was not maintainable. The impugned order initiating Corporate Insolvency Resolution Process was set aside, and actions taken based on it were declared illegal. The Corporate Debtor was released from legal constraints, allowed to operate independently through its Board of Directors. The Adjudicating Authority was directed to determine the Resolution Professional's fee, to be paid by the Corporate Debtor. The appeal was allowed with no costs awarded. Case-Laws Insolvency and Bankruptcy Thu, 19 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365798