Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (1) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (1) TMI 1548 - Tri - Insolvency and BankruptcyPreferential payment to one of the allottees - Rejection of request made by the applicant on the ground there is no recourse under law to repay this money during the CIRP period - whether the IRP or the RP, as the case may be is entitled to refund the money to any of the allottees during the CIRP period? - HELD THAT:- Once CIRP period is commenced, it has to be construed as calm period, in which, the IRP is supposed to maintain status quo position until the Resolution plan is approved or the company is sent for Liquidation. The question of refunding allotment to one of the allottees will not arise during the CIR period, whereby this application is hereby dismissed with liberty to proceed in accordance with law. Application disposed off.
|