https://www.taxtmi.com/caselaws?id=438844 The Supreme Court considered an application for intervention in a Corporate Insolvency Resolution Process (CIRP) initiated by a financial creditor against a corporate debtor. The NCLAT allowed the intervention, leading to a main appeal. Despite the finality of the NCLAT's order, the CIRP initiated by the intervenor was put on hold by the NCLT due to an interim stay granted by the Supreme Court in another proceeding. The Court clarified that the intervenor can reapply to the NCLT for restoration, and fresh orders should be passed accordingly. Both CIRPs are currently on hold pending further proceedings. en-us Tue, 02 May 2023 00:00:00 +0530 Sat, 10 Jun 2023 08:54:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438844 The Supreme Court considered an application for intervention in a Corporate Insolvency Resolution Process (CIRP) initiated by a financial creditor against a corporate debtor. The NCLAT allowed the intervention, leading to a main appeal. Despite the finality of the NCLAT's order, the CIRP initiated by the intervenor was put on hold by the NCLT due to an interim stay granted by the Supreme Court in another proceeding. The Court clarified that the intervenor can reapply to the NCLT for restoration, and fresh orders should be passed accordingly. Both CIRPs are currently on hold pending further proceedings. Case-Laws Insolvency and Bankruptcy Tue, 02 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438844