https://www.taxtmi.com/highlights?id=55811 Maintainability of petition - Once it is admitted under IB Code initiating CIRP, which may end, either in approval of a resolution plan or an order for liquidation of the Corporate Debtor. Thus, under both situation, the management will never come again in the hands of the Suspended Management. - Even if the petition filed under Section 241-242 is kept in abeyance, then even it is not going to fulfil the objective of Section 241-242 of the Companies Act. Therefore, there is no reason for keeping the application filed under Section 241-242 be pending till the final outcome of the IB petition - Tri en-us Wed, 09 Dec 2020 11:00:15 +0530 Wed, 09 Dec 2020 11:00:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55811 Maintainability of petition - Once it is admitted under IB Code initiating CIRP, which may end, either in approval of a resolution plan or an order for liquidation of the Corporate Debtor. Thus, under both situation, the management will never come again in the hands of the Suspended Management. - Even if the petition filed under Section 241-242 is kept in abeyance, then even it is not going to fulfil the objective of Section 241-242 of the Companies Act. Therefore, there is no reason for keeping the application filed under Section 241-242 be pending till the final outcome of the IB petition - Tri Highlights Companies Law Wed, 09 Dec 2020 11:00:15 +0530 https://www.taxtmi.com/highlights?id=55811