https://www.taxtmi.com/caselaws?id=419776 The Adjudicating Authority closed the corporate insolvency resolution process for the Corporate Debtor due to the lack of response from the Corporate Debtor and Operational Creditor, hindering the formation of a Committee of Creditors. The Authority relieved the Insolvency Resolution Professional (IRP) of duties, directing the Operational Creditor to pay specified costs and expenses. The decision highlighted the importance of active participation in the insolvency resolution process and the responsibility of bearing expenses until ratified by the Committee of Creditors. en-us Tue, 08 Mar 2022 00:00:00 +0530 Mon, 21 Mar 2022 08:13:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419776 The Adjudicating Authority closed the corporate insolvency resolution process for the Corporate Debtor due to the lack of response from the Corporate Debtor and Operational Creditor, hindering the formation of a Committee of Creditors. The Authority relieved the Insolvency Resolution Professional (IRP) of duties, directing the Operational Creditor to pay specified costs and expenses. The decision highlighted the importance of active participation in the insolvency resolution process and the responsibility of bearing expenses until ratified by the Committee of Creditors. Case-Laws Insolvency and Bankruptcy Tue, 08 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419776