The Operational Creditor is directed to pay advance to the IRP for the purpose of smooth conduct of CIRP – Shashikant Thakar Vs. M/s. Windsor Paper Pvt. Ltd. – NCLT Ahmedabad Bench

NCLT held that the IRP shall under duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Code. The Operational Creditor is directed to pay an advance of Rs. 25,000/- to the IRP within two weeks from the date of receipt of this order for the purpose of smooth conduct of CIRP and IRP to file proof of receipt of such amount to this Adjudicating Authority along First Progress Report.

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