https://www.taxtmi.com/caselaws?id=290889 Admission of an insolvency petition under the Insolvency and Bankruptcy Code makes the proceeding collective in rem and triggers the moratorium automatically under Section 14. The absence of an Interim Resolution Professional and non-constitution of the Committee of Creditors did not affect the legal consequences of admission, and procedural omission could not be relied on to avoid those consequences. Withdrawal under Section 12A was therefore refused because it would prejudice other creditors whose claims were already affected by commencement of CIRP, and the application was dismissed. en-us Thu, 09 Jan 2020 00:00:00 +0530 Wed, 21 Oct 2020 09:29:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290889 Admission of an insolvency petition under the Insolvency and Bankruptcy Code makes the proceeding collective in rem and triggers the moratorium automatically under Section 14. The absence of an Interim Resolution Professional and non-constitution of the Committee of Creditors did not affect the legal consequences of admission, and procedural omission could not be relied on to avoid those consequences. Withdrawal under Section 12A was therefore refused because it would prejudice other creditors whose claims were already affected by commencement of CIRP, and the application was dismissed. Case-Laws Insolvency and Bankruptcy Thu, 09 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290889