https://www.taxtmi.com/caselaws?id=447276 NCLAT set aside NCLT's order directing Resolution Professional to handover corporate debtor's management to CEO/Management. NCLAT held that NCLT erred in entertaining applications and issuing directions while CIRP was stayed by SC and related appeal remained pending before SC. Adjudicating Authority should have stayed proceedings and relegated parties to approach SC for further directions. Resolution Professional retains discretion to manage corporate debtor as going concern without CIRP steps, pending SC's interim order. NCLT committed error by not staying hands from passing orders on CIRP-related applications during pendency of SC appeal. en-us Tue, 19 Dec 2023 00:00:00 +0530 Fri, 22 Dec 2023 07:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447276 NCLAT set aside NCLT's order directing Resolution Professional to handover corporate debtor's management to CEO/Management. NCLAT held that NCLT erred in entertaining applications and issuing directions while CIRP was stayed by SC and related appeal remained pending before SC. Adjudicating Authority should have stayed proceedings and relegated parties to approach SC for further directions. Resolution Professional retains discretion to manage corporate debtor as going concern without CIRP steps, pending SC's interim order. NCLT committed error by not staying hands from passing orders on CIRP-related applications during pendency of SC appeal. Case-Laws Insolvency and Bankruptcy Tue, 19 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447276