https://www.taxtmi.com/caselaws?id=427739 The Appellant Bank, as the sole Financial Creditor in the reconstituted Committee of Creditors, was held liable to pay the Corporate Insolvency Resolution Process (CIRP) costs and Resolution Professional (RP) fees approved by the earlier Committee. The Tribunal found that the Bank's active participation in decision-making and resolution passing precluded it from disclaiming responsibility. As the costs were approved before the Bank joined the Committee, it was deemed liable under Regulation 12(3) of the CIRP Regulations. The appeal was dismissed, affirming the Adjudicating Authority's order allocating expenses between parties without awarding costs. en-us Thu, 15 Sep 2022 00:00:00 +0530 Fri, 16 Sep 2022 08:13:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427739 The Appellant Bank, as the sole Financial Creditor in the reconstituted Committee of Creditors, was held liable to pay the Corporate Insolvency Resolution Process (CIRP) costs and Resolution Professional (RP) fees approved by the earlier Committee. The Tribunal found that the Bank's active participation in decision-making and resolution passing precluded it from disclaiming responsibility. As the costs were approved before the Bank joined the Committee, it was deemed liable under Regulation 12(3) of the CIRP Regulations. The appeal was dismissed, affirming the Adjudicating Authority's order allocating expenses between parties without awarding costs. Case-Laws Insolvency and Bankruptcy Thu, 15 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427739