https://www.taxtmi.com/caselaws?id=374689 The tribunal held that the initiation of Corporate Insolvency Resolution Process (CIRP) against 'Sunsystem Institute of Information Technology Pvt. Ltd.' (Corporate Guarantor No.2) was valid, while the initiation of CIRP against 'Sunrise Naturopathy and Resorts Pvt. Ltd.' (Corporate Guarantor No.1) for the same claim/debt was deemed impermissible. The application against 'Sunrise Naturopathy and Resorts Pvt. Ltd.' was dismissed, and the company was released from CIRP. The tribunal set aside actions taken pursuant to the impermissible order and directed the fixing of fees for the Interim Resolution Professional for 'Sunrise Naturopathy and Resorts Pvt. Ltd.' en-us Tue, 08 Jan 2019 00:00:00 +0530 Thu, 07 Feb 2019 13:33:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374689 The tribunal held that the initiation of Corporate Insolvency Resolution Process (CIRP) against 'Sunsystem Institute of Information Technology Pvt. Ltd.' (Corporate Guarantor No.2) was valid, while the initiation of CIRP against 'Sunrise Naturopathy and Resorts Pvt. Ltd.' (Corporate Guarantor No.1) for the same claim/debt was deemed impermissible. The application against 'Sunrise Naturopathy and Resorts Pvt. Ltd.' was dismissed, and the company was released from CIRP. The tribunal set aside actions taken pursuant to the impermissible order and directed the fixing of fees for the Interim Resolution Professional for 'Sunrise Naturopathy and Resorts Pvt. Ltd.' Case-Laws Insolvency and Bankruptcy Tue, 08 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374689