https://www.taxtmi.com/caselaws?id=348098 The Tribunal allowed the Petition, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. A moratorium was declared under Section 14 of the Insolvency and Bankruptcy Code (IBC), prohibiting suits, asset transfers, and recovery actions against the Corporate Debtor. The Insolvency and Bankruptcy Board of India (IBBI) was directed to recommend an Interim Resolution Professional (IRP). The Operational Creditor was instructed to deposit necessary funds for the IRP's expenses. The order was to be communicated to both parties as per Section 9(5) of the IBC, 2016. en-us Wed, 16 Aug 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348098 The Tribunal allowed the Petition, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. A moratorium was declared under Section 14 of the Insolvency and Bankruptcy Code (IBC), prohibiting suits, asset transfers, and recovery actions against the Corporate Debtor. The Insolvency and Bankruptcy Board of India (IBBI) was directed to recommend an Interim Resolution Professional (IRP). The Operational Creditor was instructed to deposit necessary funds for the IRP's expenses. The order was to be communicated to both parties as per Section 9(5) of the IBC, 2016. Case-Laws Insolvency and Bankruptcy Wed, 16 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348098