https://www.taxtmi.com/caselaws?id=347919 The insolvency application filed by a bank as a Financial Creditor against a Corporate Debtor was initially dismissed for non-prosecution but later restored based on the bank's argument that the mandatory 14-day period for admitting or rejecting the application had not expired. The Tribunal emphasized the importance of diligence in handling insolvency petitions and clarified that the time limit for Financial Creditors aligns with that of Operational Creditors under the Insolvency and Bankruptcy Code, 2016. The decision to restore the application was made with a requirement for the bank to make a payment to the Prime Minister's National Relief Fund within a specified timeframe. en-us Sat, 29 Jul 2017 00:00:00 +0530 Thu, 14 Sep 2017 07:32:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347919 The insolvency application filed by a bank as a Financial Creditor against a Corporate Debtor was initially dismissed for non-prosecution but later restored based on the bank's argument that the mandatory 14-day period for admitting or rejecting the application had not expired. The Tribunal emphasized the importance of diligence in handling insolvency petitions and clarified that the time limit for Financial Creditors aligns with that of Operational Creditors under the Insolvency and Bankruptcy Code, 2016. The decision to restore the application was made with a requirement for the bank to make a payment to the Prime Minister's National Relief Fund within a specified timeframe. Case-Laws Companies Law Sat, 29 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347919