https://www.taxtmi.com/caselaws?id=767586 NCLAT clarified that despite stay order preventing IRP from taking further CIRP steps, management of corporate debtor remains vested with IRP as per Section 17 IBC. The stay order dated 07.12.2023 only restrained IRP from inviting claims and constituting Committee of Creditors but did not restore management control to suspended Board of Directors. Legal fiction created by IBC ensures no vacuum in corporate management exists. The original CIRP initiation order remains valid and management continues with IRP despite operational restrictions imposed by stay order. en-us Fri, 07 Mar 2025 00:00:00 +0530 Fri, 21 Mar 2025 08:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767586 NCLAT clarified that despite stay order preventing IRP from taking further CIRP steps, management of corporate debtor remains vested with IRP as per Section 17 IBC. The stay order dated 07.12.2023 only restrained IRP from inviting claims and constituting Committee of Creditors but did not restore management control to suspended Board of Directors. Legal fiction created by IBC ensures no vacuum in corporate management exists. The original CIRP initiation order remains valid and management continues with IRP despite operational restrictions imposed by stay order. Case-Laws IBC Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767586