https://www.taxtmi.com/caselaws?id=430980 The appeal was filed against an order by the National Company Law Tribunal directing the appellants to contribute towards CIRP/Liquidation costs. The Tribunal observed manipulation of the Code provisions by the Operational Creditor and RP, causing financial strain on the appellants. Concerns were raised about the burden of CIRP expenses on operational creditors due to the absence of financial creditors in the CoC. The Tribunal emphasized the priority of meeting IRP and Liquidation costs, setting aside the order and directing distribution of assets in accordance with the Code provisions. en-us Thu, 01 Dec 2022 00:00:00 +0530 Sat, 03 Dec 2022 05:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430980 The appeal was filed against an order by the National Company Law Tribunal directing the appellants to contribute towards CIRP/Liquidation costs. The Tribunal observed manipulation of the Code provisions by the Operational Creditor and RP, causing financial strain on the appellants. Concerns were raised about the burden of CIRP expenses on operational creditors due to the absence of financial creditors in the CoC. The Tribunal emphasized the priority of meeting IRP and Liquidation costs, setting aside the order and directing distribution of assets in accordance with the Code provisions. Case-Laws Insolvency and Bankruptcy Thu, 01 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430980