https://www.taxtmi.com/caselaws?id=397848 The Appeal was allowed, and the impugned order was set aside. The Corporate Debtor was released from the Corporate Insolvency Resolution Process (CIRP), with management returning to the Promoters/Directors. The matter was remitted to the Adjudicating Authority for determining the fees and costs of the CIRP, to be borne by the Respondent. The Application was deemed erroneously admitted as the advance amount for goods did not constitute Operational Debt under Section 5(20) of the I&B Code. en-us Thu, 20 Aug 2020 00:00:00 +0530 Mon, 31 Aug 2020 17:10:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397848 The Appeal was allowed, and the impugned order was set aside. The Corporate Debtor was released from the Corporate Insolvency Resolution Process (CIRP), with management returning to the Promoters/Directors. The matter was remitted to the Adjudicating Authority for determining the fees and costs of the CIRP, to be borne by the Respondent. The Application was deemed erroneously admitted as the advance amount for goods did not constitute Operational Debt under Section 5(20) of the I&B Code. Case-Laws Insolvency and Bankruptcy Thu, 20 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397848