https://www.taxtmi.com/caselaws?id=377500 The appeal was allowed by the Appellate Tribunal in favor of the Corporate Debtor. The impugned order admitting the application under Section 7 without proper notice was set aside due to a violation of the principle of natural justice. Consequently, the Corporate Debtor was released from all legal restrictions, including the appointment of the Interim Resolution Professional. The Adjudicating Authority was directed to close the proceedings, allowing the Corporate Debtor to function independently through its Board of Directors. The decision on the Interim Resolution Professional's fee was also clarified, with the Corporate Debtor being responsible for the determined fee and expenses. No costs were awarded in this case. en-us Thu, 20 Dec 2018 00:00:00 +0530 Sat, 30 Mar 2019 08:22:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377500 The appeal was allowed by the Appellate Tribunal in favor of the Corporate Debtor. The impugned order admitting the application under Section 7 without proper notice was set aside due to a violation of the principle of natural justice. Consequently, the Corporate Debtor was released from all legal restrictions, including the appointment of the Interim Resolution Professional. The Adjudicating Authority was directed to close the proceedings, allowing the Corporate Debtor to function independently through its Board of Directors. The decision on the Interim Resolution Professional's fee was also clarified, with the Corporate Debtor being responsible for the determined fee and expenses. No costs were awarded in this case. Case-Laws Insolvency and Bankruptcy Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377500