https://www.taxtmi.com/caselaws?id=390567 The tribunal admitted the petition, initiating the Corporate Insolvency Resolution Process (CIRP) against the respondent, Direct News Private Limited. Mr. Sanjeev Gupta was proposed as the Interim Resolution Professional (IRP), and a moratorium was declared under Section 14 of the Insolvency and Bankruptcy Code. The petitioner was instructed to deposit Rs. 1 Lakh with the IRP for expenses, subject to adjustment by the Committee of Creditors. The ex-management was directed to provide all necessary documents and information to the IRP within a week. The tribunal emphasized the role of Resolution Professionals in settling financial creditors' claims and directed communication of the order to relevant parties and the Registrar of Companies for record updates. en-us Mon, 30 Sep 2019 00:00:00 +0530 Tue, 07 Jan 2020 06:55:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390567 The tribunal admitted the petition, initiating the Corporate Insolvency Resolution Process (CIRP) against the respondent, Direct News Private Limited. Mr. Sanjeev Gupta was proposed as the Interim Resolution Professional (IRP), and a moratorium was declared under Section 14 of the Insolvency and Bankruptcy Code. The petitioner was instructed to deposit Rs. 1 Lakh with the IRP for expenses, subject to adjustment by the Committee of Creditors. The ex-management was directed to provide all necessary documents and information to the IRP within a week. The tribunal emphasized the role of Resolution Professionals in settling financial creditors' claims and directed communication of the order to relevant parties and the Registrar of Companies for record updates. Case-Laws Insolvency and Bankruptcy Mon, 30 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390567