https://www.taxtmi.com/caselaws?id=767196 The court determined that the petitioner must file an application with the NCLT to address the consolidation of the Corporate Insolvency Resolution Process (CIRP) for the involved companies. The NCLT is required to decide on the matter within two weeks of receiving the application. The court emphasized the importance of procedural compliance and noted that the petitioner had not pursued available legal remedies. The court deferred any decision regarding fiduciary duties and the development of a group insolvency framework, suggesting these issues be addressed in the appropriate legal forum. en-us Tue, 10 Sep 2024 00:00:00 +0530 Tue, 11 Mar 2025 15:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767196 The court determined that the petitioner must file an application with the NCLT to address the consolidation of the Corporate Insolvency Resolution Process (CIRP) for the involved companies. The NCLT is required to decide on the matter within two weeks of receiving the application. The court emphasized the importance of procedural compliance and noted that the petitioner had not pursued available legal remedies. The court deferred any decision regarding fiduciary duties and the development of a group insolvency framework, suggesting these issues be addressed in the appropriate legal forum. Case-Laws IBC Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767196