https://www.taxtmi.com/caselaws?id=346026 The Tribunal approved the initiation of Corporate Insolvency Resolution Process against Ved Cellulose Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, as requested by Reliance Commercial Finance Limited, a Financial Creditor. The Corporate Debtor's default in loan repayment and dishonoured cheques established the default. An Interim Resolution Professional was appointed, and a moratorium declared. The Tribunal clarified that initiation during pending arbitration is permissible under Section 7, unlike for Operational Creditors under Section 9. The judgment outlined responsibilities for all parties involved in compliance with the Code. en-us Fri, 30 Jun 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346026 The Tribunal approved the initiation of Corporate Insolvency Resolution Process against Ved Cellulose Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, as requested by Reliance Commercial Finance Limited, a Financial Creditor. The Corporate Debtor's default in loan repayment and dishonoured cheques established the default. An Interim Resolution Professional was appointed, and a moratorium declared. The Tribunal clarified that initiation during pending arbitration is permissible under Section 7, unlike for Operational Creditors under Section 9. The judgment outlined responsibilities for all parties involved in compliance with the Code. Case-Laws Insolvency and Bankruptcy Fri, 30 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346026