https://www.taxtmi.com/caselaws?id=411688 The Tribunal held that amounts received during the Corporate Insolvency Resolution Process (CIRP) are assets of the Corporate Debtor and cannot be claimed by the Bank of India. It ruled that earmarking 25% of receipts for the Bank of India during the moratorium period violates Section 14 of the Insolvency and Bankruptcy Code (IBC). The final resolution plan, approving a settlement of Rs. 9 crores for the Bank of India without conditions on CIRP receipts, was upheld. The Resolution Professional was directed to ensure proper utilization of CIRP funds as per the IBC and approved plan, with the impugned order quashed and set aside. en-us Fri, 27 Aug 2021 00:00:00 +0530 Wed, 01 Sep 2021 08:58:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411688 The Tribunal held that amounts received during the Corporate Insolvency Resolution Process (CIRP) are assets of the Corporate Debtor and cannot be claimed by the Bank of India. It ruled that earmarking 25% of receipts for the Bank of India during the moratorium period violates Section 14 of the Insolvency and Bankruptcy Code (IBC). The final resolution plan, approving a settlement of Rs. 9 crores for the Bank of India without conditions on CIRP receipts, was upheld. The Resolution Professional was directed to ensure proper utilization of CIRP funds as per the IBC and approved plan, with the impugned order quashed and set aside. Case-Laws Insolvency and Bankruptcy Fri, 27 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411688