https://www.taxtmi.com/article/detailed?id=10852 A stay of an admission order under the Code renders that admission order inoperative for the interim and restrains powers that flowed from it; the IRP cannot exercise functions conferred by the stayed admission and the corporate debtor is not restored to its pre-admission management. To preserve going-concern operations, designated company officials may make payments of wages and essential expenses as earlier practiced, subject to weekly disclosure to the IRP and the suspended managing director, while other payments require leave of the appellate authority. en-us Sat, 03 Dec 2022 10:04:23 +0530 Sat, 03 Dec 2022 10:04:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10852 A stay of an admission order under the Code renders that admission order inoperative for the interim and restrains powers that flowed from it; the IRP cannot exercise functions conferred by the stayed admission and the corporate debtor is not restored to its pre-admission management. To preserve going-concern operations, designated company officials may make payments of wages and essential expenses as earlier practiced, subject to weekly disclosure to the IRP and the suspended managing director, while other payments require leave of the appellate authority. Articles Corporate Laws / IBC / SEBI Sat, 03 Dec 2022 10:04:23 +0530 https://www.taxtmi.com/article/detailed?id=10852