https://www.taxtmi.com/caselaws?id=295413 The tribunal admitted the application for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code. It appointed an Interim Resolution Professional (IRP) and commenced a moratorium to facilitate the resolution process. The freezing of the corporate debtor's bank accounts was upheld to prevent further financial deterioration, and the tribunal emphasized the need for a resolution plan to address the company's financial distress and revive its operations. The tribunal also directed the promoters and directors not to leave the country without permission and allowed operational creditors to lodge claims before the IRP. en-us Mon, 12 Mar 2018 00:00:00 +0530 Thu, 03 Jun 2021 08:35:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295413 The tribunal admitted the application for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code. It appointed an Interim Resolution Professional (IRP) and commenced a moratorium to facilitate the resolution process. The freezing of the corporate debtor's bank accounts was upheld to prevent further financial deterioration, and the tribunal emphasized the need for a resolution plan to address the company's financial distress and revive its operations. The tribunal also directed the promoters and directors not to leave the country without permission and allowed operational creditors to lodge claims before the IRP. Case-Laws Insolvency and Bankruptcy Mon, 12 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295413