https://www.taxtmi.com/caselaws?id=765259 The National Company Law Appellate Tribunal ruled that the Resolution Professional (RP) can manage the corporate debtor as a going concern and incur necessary expenses, subject to ratification by the reconstituted Committee of Creditors (CoC). Payments for statutory compliance and professional services are allowed, with potential refunds if not ratified. Salary payments are deferred for CoC approval. The RP is restricted from engaging new professionals until further notice. The decision emphasizes maintaining the corporate debtor's operations in line with the Insolvency and Bankruptcy Code while ensuring creditor oversight. en-us Fri, 24 Jan 2025 00:00:00 +0530 Wed, 29 Jan 2025 09:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765259 The National Company Law Appellate Tribunal ruled that the Resolution Professional (RP) can manage the corporate debtor as a going concern and incur necessary expenses, subject to ratification by the reconstituted Committee of Creditors (CoC). Payments for statutory compliance and professional services are allowed, with potential refunds if not ratified. Salary payments are deferred for CoC approval. The RP is restricted from engaging new professionals until further notice. The decision emphasizes maintaining the corporate debtor's operations in line with the Insolvency and Bankruptcy Code while ensuring creditor oversight. Case-Laws IBC Fri, 24 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765259