https://www.taxtmi.com/caselaws?id=198425 The Tribunal admitted the application under Section 7 of the Insolvency and Bankruptcy Code, finding the existence of debt and default by the Corporate Debtor. It initiated the Corporate Insolvency Resolution Process (CIRP), appointing an Interim Resolution Professional and prohibiting actions against the Debtor. The Tribunal held that the Financial Creditor could proceed independently despite ongoing Joint Lender Forum and Corrective Action Plan activities. Additionally, the Tribunal dismissed objections related to RBI guidelines and security enforcement, emphasizing the Adjudicating Authority's discretion in admitting insolvency applications. en-us Wed, 14 Jun 2017 00:00:00 +0530 Mon, 12 Feb 2018 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198425 The Tribunal admitted the application under Section 7 of the Insolvency and Bankruptcy Code, finding the existence of debt and default by the Corporate Debtor. It initiated the Corporate Insolvency Resolution Process (CIRP), appointing an Interim Resolution Professional and prohibiting actions against the Debtor. The Tribunal held that the Financial Creditor could proceed independently despite ongoing Joint Lender Forum and Corrective Action Plan activities. Additionally, the Tribunal dismissed objections related to RBI guidelines and security enforcement, emphasizing the Adjudicating Authority's discretion in admitting insolvency applications. Case-Laws Insolvency and Bankruptcy Wed, 14 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198425