https://www.taxtmi.com/caselaws?id=416384 The Tribunal found in favor of the applicant, BMW India Private Limited, in the case. It held that the Resolution Professional (RP) acted beyond the scope of verifying claims by rejecting the applicant's claim and adjudicating it. The Tribunal directed the RP to admit the applicant's claims as a Financial Creditor, annulled the resolution to liquidate the Corporate Debtor due to improper formation of the Committee of Creditors, and ordered an interim halt to liquidation proceedings. The new RP was instructed to reconstitute the CoC and proceed with the Corporate Insolvency Resolution Process (CIRP) in accordance with the IBC regulations. en-us Thu, 18 Nov 2021 00:00:00 +0530 Mon, 27 Dec 2021 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416384 The Tribunal found in favor of the applicant, BMW India Private Limited, in the case. It held that the Resolution Professional (RP) acted beyond the scope of verifying claims by rejecting the applicant's claim and adjudicating it. The Tribunal directed the RP to admit the applicant's claims as a Financial Creditor, annulled the resolution to liquidate the Corporate Debtor due to improper formation of the Committee of Creditors, and ordered an interim halt to liquidation proceedings. The new RP was instructed to reconstitute the CoC and proceed with the Corporate Insolvency Resolution Process (CIRP) in accordance with the IBC regulations. Case-Laws Insolvency and Bankruptcy Thu, 18 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416384