https://www.taxtmi.com/article/detailed?id=11171 Where an IRP undertakes prescribed preliminary actions-seeking contact details and records, issuing the public announcement, visiting debtor premises and applying for statutory directions-but cannot progress CIRP due to non-cooperation by suspended management and absence of creditor claims, the IRP will not be held to have derelicted duties and may be entitled to reasonable insolvency resolution process costs; when no CoC is constituted, the initiating operational creditor may be liable to bear such costs, while the adjudicating authority may moderate claimed amounts based on the extent of CIRP activity. en-us Sat, 04 Mar 2023 09:07:59 +0530 Sat, 04 Mar 2023 09:07:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11171 Where an IRP undertakes prescribed preliminary actions-seeking contact details and records, issuing the public announcement, visiting debtor premises and applying for statutory directions-but cannot progress CIRP due to non-cooperation by suspended management and absence of creditor claims, the IRP will not be held to have derelicted duties and may be entitled to reasonable insolvency resolution process costs; when no CoC is constituted, the initiating operational creditor may be liable to bear such costs, while the adjudicating authority may moderate claimed amounts based on the extent of CIRP activity. Articles Corporate Laws / IBC / SEBI Sat, 04 Mar 2023 09:07:59 +0530 https://www.taxtmi.com/article/detailed?id=11171