https://www.taxtmi.com/caselaws?id=414129 The application filed under Section 60(5) of the Insolvency and Bankruptcy Code sought reliefs related to a reverse Corporate Insolvency Resolution Process (CIRP) for a real estate project. Despite non-cooperation from the suspended board of directors and compliance challenges, the Adjudicating Authority provided directions to facilitate the reverse CIRP process and emphasized project revival for stakeholders' benefit. The Applicant's requests for waivers and clarifications were granted, allowing for the completion of the project and addressing operational creditor concerns. The application was allowed, subject to specified directions, and disposed of accordingly. en-us Thu, 07 Oct 2021 00:00:00 +0530 Fri, 29 Oct 2021 04:49:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414129 The application filed under Section 60(5) of the Insolvency and Bankruptcy Code sought reliefs related to a reverse Corporate Insolvency Resolution Process (CIRP) for a real estate project. Despite non-cooperation from the suspended board of directors and compliance challenges, the Adjudicating Authority provided directions to facilitate the reverse CIRP process and emphasized project revival for stakeholders' benefit. The Applicant's requests for waivers and clarifications were granted, allowing for the completion of the project and addressing operational creditor concerns. The application was allowed, subject to specified directions, and disposed of accordingly. Case-Laws Insolvency and Bankruptcy Thu, 07 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414129