https://www.taxtmi.com/caselaws?id=291698 The Tribunal allowed the release of a specific bank account held with HDFC Bank during the Corporate Insolvency Resolution Process (CIRP) to facilitate the resolution proceedings. The decision aimed to ensure the smooth progress of the CIRP without prejudicing the ongoing investigations and criminal proceedings related to the company. Releasing the bank account was deemed necessary to uphold the objectives of maximizing asset value and restructuring the debtor company as per the Insolvency & Bankruptcy Code, 2016. The Resolution Professional was instructed to update on the Resolution Plan progress, with the matter set for further hearing. en-us Mon, 28 Jan 2019 00:00:00 +0530 Mon, 23 Nov 2020 11:00:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291698 The Tribunal allowed the release of a specific bank account held with HDFC Bank during the Corporate Insolvency Resolution Process (CIRP) to facilitate the resolution proceedings. The decision aimed to ensure the smooth progress of the CIRP without prejudicing the ongoing investigations and criminal proceedings related to the company. Releasing the bank account was deemed necessary to uphold the objectives of maximizing asset value and restructuring the debtor company as per the Insolvency & Bankruptcy Code, 2016. The Resolution Professional was instructed to update on the Resolution Plan progress, with the matter set for further hearing. Case-Laws Insolvency and Bankruptcy Mon, 28 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291698