https://www.taxtmi.com/caselaws?id=415577 The Tribunal admitted the Corporate Debtor's application under Section 10 of the IBC, 2016, due to financial distress and absence of financial creditors. An Interim Resolution Professional (IRP) was appointed, with directions for the Corporate Debtor to deposit funds for IRP expenses. A moratorium was imposed under Section 14 of the IBC, 2016, to stay legal actions, prohibit asset transfers, and ensure essential services' continuity. The Corporate Debtor was directed to deposit funds for IRP expenses, with accounting and reimbursement to be managed by the Committee of Creditors (CoC) as part of the Corporate Insolvency Resolution Process (CIRP). en-us Mon, 29 Nov 2021 00:00:00 +0530 Thu, 09 Dec 2021 08:35:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415577 The Tribunal admitted the Corporate Debtor's application under Section 10 of the IBC, 2016, due to financial distress and absence of financial creditors. An Interim Resolution Professional (IRP) was appointed, with directions for the Corporate Debtor to deposit funds for IRP expenses. A moratorium was imposed under Section 14 of the IBC, 2016, to stay legal actions, prohibit asset transfers, and ensure essential services' continuity. The Corporate Debtor was directed to deposit funds for IRP expenses, with accounting and reimbursement to be managed by the Committee of Creditors (CoC) as part of the Corporate Insolvency Resolution Process (CIRP). Case-Laws Insolvency and Bankruptcy Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415577