CA 622/2019 was filed by the Resolution Professional (RP) seeking directions for Axis Bank to release money held as security to cover Corporate Insolvency Resolution Process (CIR) costs. The order addresses the treatment of company assets and CIR costs during liquidation.
CA 622/2019 was filed by the Resolution Professional (RP) seeking directions from the court to compel Axis Bank to release funds held as security. The RP intended to use these funds to cover the Corporate Insolvency Resolution Process (CIR) costs. The court considered the request in the context of the company's assets, the liquidation stage, and the role of the Committee of Creditors (COC) in covering CIR costs. The court ultimately dismissed the petition, denying the RP's request.
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Hearing before the New…
CA 622/2019 was filed by the Resolution Professional (RP) seeking directions for Axis Bank to release money held as security to cover Corporate Insolvency Resolution Process (CIR) costs. The order addresses the treatment of company assets and CIR costs during liquidation.
CA 622/2019 was filed by the Resolution Professional (RP) seeking directions from the court to compel Axis Bank to release funds held as security. The RP intended to use these funds to cover the Corporate Insolvency Resolution Process (CIR) costs. The court considered the request in the context of the company's assets, the liquidation stage, and the role of the Committee of Creditors (COC) in covering CIR costs. The court ultimately dismissed the petition, denying the RP's request.
Hearing before the New…