Corporate Debtor's Projects to Continue Under IRP Supervision with Mandatory CIRP Expense Payments and Phased Salary Disbursements

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Full Text of the Document

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....The NCLAT held that the corporate debtor's projects must continue as a going concern under IRP supervision per the 10.06.2022 order, with cooperation from promoters, staff, and employees. All CIRP-period expenses for construction, materials, and services must be paid with priority. The IRP must verify vendor bills using the process that was in place before 12.12.2024. Regarding salaries, December 2024 and January 2025 payments have been processed, while outstanding salaries for September-November 2024 must be paid in three tranches by 31.05.2025. The application regarding non-cooperation was deferred as the 12.12.2024 order was stayed by the Supreme Court on 25.02.2025.....