https://www.taxtmi.com/caselaws?id=398479 The Tribunal declared the Committee of Creditors (COC) constituted by the Resolution Professional void ab initio due to the sole Financial Creditor not meeting the criteria under the Insolvency and Bankruptcy Code. The Corporate Insolvency Resolution Process (CIRP) was stayed as the company was financially sound with no other creditor claims. The Interim Resolution Professional was directed to justify expenses and actions, and facilitate the withdrawal of the CIRP application by the Operational Creditor. The Tribunal emphasized resolution over liquidation in line with the objectives of the IB Code. en-us Fri, 10 Jul 2020 00:00:00 +0530 Thu, 17 Sep 2020 14:59:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398479 The Tribunal declared the Committee of Creditors (COC) constituted by the Resolution Professional void ab initio due to the sole Financial Creditor not meeting the criteria under the Insolvency and Bankruptcy Code. The Corporate Insolvency Resolution Process (CIRP) was stayed as the company was financially sound with no other creditor claims. The Interim Resolution Professional was directed to justify expenses and actions, and facilitate the withdrawal of the CIRP application by the Operational Creditor. The Tribunal emphasized resolution over liquidation in line with the objectives of the IB Code. Case-Laws Insolvency and Bankruptcy Fri, 10 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398479