https://www.taxtmi.com/caselaws?id=374148 The joint application under Section 7 of the Insolvency and Bankruptcy Code by the 2nd and 3rd Respondents was deemed not maintainable as they did not meet the criteria of being Financial Creditors. The court set aside the impugned order admitting the application, released the Corporate Debtor from legal constraints, and closed the proceedings. Any actions taken subsequently, such as appointing an Interim Resolution Professional and declaring moratorium, were also nullified. The Adjudicating Authority was directed to determine the fee of the Interim Resolution Professional, if appointed, to be borne by the Corporate Debtor. The appeal was allowed without costs. en-us Thu, 12 Jul 2018 00:00:00 +0530 Fri, 25 Jan 2019 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374148 The joint application under Section 7 of the Insolvency and Bankruptcy Code by the 2nd and 3rd Respondents was deemed not maintainable as they did not meet the criteria of being Financial Creditors. The court set aside the impugned order admitting the application, released the Corporate Debtor from legal constraints, and closed the proceedings. Any actions taken subsequently, such as appointing an Interim Resolution Professional and declaring moratorium, were also nullified. The Adjudicating Authority was directed to determine the fee of the Interim Resolution Professional, if appointed, to be borne by the Corporate Debtor. The appeal was allowed without costs. Case-Laws Insolvency and Bankruptcy Thu, 12 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374148