https://www.taxtmi.com/caselaws?id=413189 The High Court upheld the Tribunal's decision on the maintainability of the insolvency application under the Insolvency and Bankruptcy Code, ruling that objections could not be entertained initially. It affirmed the Tribunal's jurisdiction to proceed with the application despite the loan assignment issue. The Court emphasized that a hearing before appointing a resolution professional was not required under the IBC but directed the professional to submit a report promptly. The Court stressed compliance with natural justice principles, requiring the resolution professional to share the report with parties and ensuring a timely decision by the Tribunal after hearing the parties. en-us Thu, 30 Sep 2021 00:00:00 +0530 Wed, 06 Oct 2021 08:47:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413189 The High Court upheld the Tribunal's decision on the maintainability of the insolvency application under the Insolvency and Bankruptcy Code, ruling that objections could not be entertained initially. It affirmed the Tribunal's jurisdiction to proceed with the application despite the loan assignment issue. The Court emphasized that a hearing before appointing a resolution professional was not required under the IBC but directed the professional to submit a report promptly. The Court stressed compliance with natural justice principles, requiring the resolution professional to share the report with parties and ensuring a timely decision by the Tribunal after hearing the parties. Case-Laws Insolvency and Bankruptcy Thu, 30 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413189