https://www.taxtmi.com/caselaws?id=293080 The Tribunal allowed the appeal, dismissing the application under section 9 of the Insolvency and Bankruptcy Code filed by the Operational Creditor. The impugned order was quashed, and actions taken by the Interim Resolution Professional/Resolution Professional were set aside. The Corporate Debtor was released from the insolvency proceedings and allowed to function independently through its Board of Directors. The Interim Resolution Professional/Resolution Professional was directed to hand back the records and management to the Board of Directors, and the Adjudicating Authority was instructed to direct the Operational Creditor to pay the Corporate Insolvency Resolution Process costs and fees. The appeal was disposed of with no costs. en-us Mon, 16 Mar 2020 00:00:00 +0530 Thu, 21 Jan 2021 19:59:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293080 The Tribunal allowed the appeal, dismissing the application under section 9 of the Insolvency and Bankruptcy Code filed by the Operational Creditor. The impugned order was quashed, and actions taken by the Interim Resolution Professional/Resolution Professional were set aside. The Corporate Debtor was released from the insolvency proceedings and allowed to function independently through its Board of Directors. The Interim Resolution Professional/Resolution Professional was directed to hand back the records and management to the Board of Directors, and the Adjudicating Authority was instructed to direct the Operational Creditor to pay the Corporate Insolvency Resolution Process costs and fees. The appeal was disposed of with no costs. Case-Laws Insolvency and Bankruptcy Mon, 16 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293080