https://www.taxtmi.com/caselaws?id=350810 The Tribunal admitted the application for Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, despite the Corporate Debtor's offer to pay only 50% of the principal amount and refusal to pay interest. The Tribunal found the defense weak and unsupported, ordering the process to commence within 180 days. The parties failed to settle the outstanding amount, leading to the appointment of an Insolvency Resolution Professional proposed by the Operational Creditor. A moratorium was declared, prohibiting actions against the Corporate Debtor, with directions for cooperation from directors and management associates. Compliance with the Code was mandated. en-us Fri, 06 Oct 2017 00:00:00 +0530 Tue, 14 Nov 2017 16:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350810 The Tribunal admitted the application for Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, despite the Corporate Debtor's offer to pay only 50% of the principal amount and refusal to pay interest. The Tribunal found the defense weak and unsupported, ordering the process to commence within 180 days. The parties failed to settle the outstanding amount, leading to the appointment of an Insolvency Resolution Professional proposed by the Operational Creditor. A moratorium was declared, prohibiting actions against the Corporate Debtor, with directions for cooperation from directors and management associates. Compliance with the Code was mandated. Case-Laws Companies Law Fri, 06 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350810