https://www.taxtmi.com/caselaws?id=406883 The National Company Law Tribunal (NCLT) ruled in favor of M/s. Kausar Textiles Private Limited, the Applicant, in a case involving the effective handover of the unit of the Corporate Debtor, release of goods, refund of monies, non-cooperation by the Resolution Professional (RP), breach of agreements, and jurisdiction under the Insolvency and Bankruptcy Code. The Tribunal directed the immediate release of goods, ordered a refund of Rs. 73.57 lakhs with interest, and emphasized the importance of balancing stakeholders' interests and ensuring the Corporate Debtor's continuity. The RP's conduct was criticized, and corrective measures were mandated, with the order to be forwarded to the Insolvency and Bankruptcy Board of India (IBBI). en-us Thu, 08 Apr 2021 00:00:00 +0530 Mon, 26 Apr 2021 10:21:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406883 The National Company Law Tribunal (NCLT) ruled in favor of M/s. Kausar Textiles Private Limited, the Applicant, in a case involving the effective handover of the unit of the Corporate Debtor, release of goods, refund of monies, non-cooperation by the Resolution Professional (RP), breach of agreements, and jurisdiction under the Insolvency and Bankruptcy Code. The Tribunal directed the immediate release of goods, ordered a refund of Rs. 73.57 lakhs with interest, and emphasized the importance of balancing stakeholders' interests and ensuring the Corporate Debtor's continuity. The RP's conduct was criticized, and corrective measures were mandated, with the order to be forwarded to the Insolvency and Bankruptcy Board of India (IBBI). Case-Laws Insolvency and Bankruptcy Thu, 08 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406883