https://www.taxtmi.com/caselaws?id=430442 The Tribunal upheld the decisions taken in the 7th Committee of Creditors (CoC) meeting, finding no illegality in the absence of certain parties. It ruled in favor of the proportionality and reasonableness of the Corporate Insolvency Resolution Process (CIRP) costs and Resolution Professional (RP) fees. The Tribunal emphasized the obligation of operational creditors to pay their share of CIRP costs. Despite non-participation of major operational creditors causing a stalemate, the Tribunal dismissed the appeals, affirming the legality of the CoC decisions and directing operational creditors to deposit their respective shares of CIRP costs promptly. en-us Thu, 17 Nov 2022 00:00:00 +0530 Sat, 19 Nov 2022 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430442 The Tribunal upheld the decisions taken in the 7th Committee of Creditors (CoC) meeting, finding no illegality in the absence of certain parties. It ruled in favor of the proportionality and reasonableness of the Corporate Insolvency Resolution Process (CIRP) costs and Resolution Professional (RP) fees. The Tribunal emphasized the obligation of operational creditors to pay their share of CIRP costs. Despite non-participation of major operational creditors causing a stalemate, the Tribunal dismissed the appeals, affirming the legality of the CoC decisions and directing operational creditors to deposit their respective shares of CIRP costs promptly. Case-Laws Insolvency and Bankruptcy Thu, 17 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430442