https://www.taxtmi.com/caselaws?id=345906 The Tribunal found the lead bank competent to initiate Corporate Insolvency Resolution Process (CIRP) on behalf of the consortium members. The Corporate Debtor had defaulted multiple times, leading to the confirmation of a substantial defaulted amount. The petitioner was duly authorized to file the application. Any discrepancy in the defaulted amount was deemed a matter for the Committee of Creditors. The Tribunal rejected the objection of delay in rectifying defects, admitted the petition, appointed an Interim Resolution Professional, and imposed a moratorium under Section 14 of the Code, initiating CIRP against the Corporate Debtor. en-us Mon, 03 Jul 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345906 The Tribunal found the lead bank competent to initiate Corporate Insolvency Resolution Process (CIRP) on behalf of the consortium members. The Corporate Debtor had defaulted multiple times, leading to the confirmation of a substantial defaulted amount. The petitioner was duly authorized to file the application. Any discrepancy in the defaulted amount was deemed a matter for the Committee of Creditors. The Tribunal rejected the objection of delay in rectifying defects, admitted the petition, appointed an Interim Resolution Professional, and imposed a moratorium under Section 14 of the Code, initiating CIRP against the Corporate Debtor. Case-Laws Insolvency and Bankruptcy Mon, 03 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345906