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Corporate Insolvency Resolution Process Restored; Petitioner Cleared of Negligence, Directed to Approach Interim Resolution Professional.

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....Restoration of company petition seeking initiation of CIRP - In view of another petition, the fist petitioner was asked to approach IRP for further action - effect of Withdrawal of another Company Petition - the Company Petitioner cannot be left in the lurch for none of its dereliction. An Application for restoration of the Company Petition is sought as a matter of prudence and practice - Petition restored - Tri....

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Corporate Insolvency Resolution Process Restored; Petitioner Cleared of Negligence, Directed to Approach Interim Resolution Professional.