https://www.taxtmi.com/caselaws?id=444380 A contempt petition was found time-barred because it was filed long after the alleged breach and the petitioner's claim of delayed knowledge was rejected on the facts. Locus standi was also denied, as the earlier direction was not shown to be an order in rem affecting the public generally. On merits, no contempt was made out against the Resolution Professional because the complained-of conduct, including appointment of the PMC, was treated as consistent with the statutory management scheme during CIRP and with the earlier direction to preserve the corporate debtor as a going concern. The proceedings were dismissed with exemplary costs. en-us Wed, 11 Oct 2023 00:00:00 +0530 Fri, 13 Oct 2023 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444380 A contempt petition was found time-barred because it was filed long after the alleged breach and the petitioner's claim of delayed knowledge was rejected on the facts. Locus standi was also denied, as the earlier direction was not shown to be an order in rem affecting the public generally. On merits, no contempt was made out against the Resolution Professional because the complained-of conduct, including appointment of the PMC, was treated as consistent with the statutory management scheme during CIRP and with the earlier direction to preserve the corporate debtor as a going concern. The proceedings were dismissed with exemplary costs. Case-Laws Insolvency and Bankruptcy Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444380