Corporate Debtor’s Account Payments Post-CIRP Start without IRP Approval is a Moratorium Violation: NCLT [Read Order]
The Liquidator was instructed by the Tribunal to notify IBBI for proceedings under Section 74(1) of the Code, and Respondents were ordered to reimburse sums totaling Rs. 10,01,80,000
The National Company Law Tribunal, Mumbai bench has held that after the Corporate Insolvency Resolution Process (CIRP) has begun, any payments made from the Corporate Debtor’s account without the Interim Resolution Professional’s (IRP) consent are prohibited by Section 14 of the Insolvency and Bankruptcy Code, 2016 (the Code). Read More: NFRA invites Applications for Chairperson…
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