https://www.taxtmi.com/caselaws?id=395530 The appeals by a Financial Creditor against two Corporate Debtors challenging orders of the Adjudicating Authority under the Insolvency and Bankruptcy Code were successful. The Adjudicating Authority's decision to appoint a Forensic Auditor and delays in determining default were found to be improper. The judgment emphasized the importance of timely resolution and adherence to prescribed timelines under the I&B Code. The impugned orders were set aside, and the Adjudicating Authority was directed to reconsider the admission of the Financial Creditor's applications. Parties were given an opportunity to settle claims before further proceedings. Both appeals were allowed without costs. en-us Fri, 22 May 2020 00:00:00 +0530 Wed, 27 May 2020 10:59:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395530 The appeals by a Financial Creditor against two Corporate Debtors challenging orders of the Adjudicating Authority under the Insolvency and Bankruptcy Code were successful. The Adjudicating Authority's decision to appoint a Forensic Auditor and delays in determining default were found to be improper. The judgment emphasized the importance of timely resolution and adherence to prescribed timelines under the I&B Code. The impugned orders were set aside, and the Adjudicating Authority was directed to reconsider the admission of the Financial Creditor's applications. Parties were given an opportunity to settle claims before further proceedings. Both appeals were allowed without costs. Case-Laws Insolvency and Bankruptcy Fri, 22 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395530