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2022 (7) TMI 427 - Tri - Insolvency and BankruptcyDirection to the Interim Resolution Professional (IRP) to constitute the Committee of Creditors (CoC) and call CoC's meeting - HELD THAT:- The Hon'ble NCLAT took note of the fact that IRP to continue in the management of the Corporate Debtor and CIRP to be proceeded with. The order not to constitute the CoC was not extended after 24.08.2021 by the Hon'ble NCLAT and we have to take that order for our consideration. The IRP is directed to proceed with CIRP. Obviously, the IRP has to take further proceeding in CIRP as per sections 18 to 21 of the IBC, 2016. He has to constitute CoC and proceed further in CIRP. He cannot sit idly for years together controlling the affairs of the Corporate Debtor. In our considered opinion, IRP misread some orders of the Hon'ble NCLAT. The IRP are directed to proceed with the CIRP as per sections 18 to 21 of the IBC, 2016 and constitute CoC forthwith - application allowed.
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