https://www.taxtmi.com/caselaws?id=198588 The Adjudicating Authority admitted the application filed by a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 against a Corporate Debtor, despite objections from a third party claiming to be an Operational Creditor due to pending winding up cases. The Authority imposed a moratorium and appointed an Interim Resolution Professional, rejecting the third party's objection. The judgment clarified that the Financial Creditor was eligible to proceed with the application as long as no resolution plan terms had been violated within twelve months preceding the application. The decision emphasized the distinction between "winding up" under the Companies Act, 2013 and "liquidation" under the Insolvency and Bankruptcy Code, 2016. en-us Thu, 23 Nov 2017 00:00:00 +0530 Mon, 05 Feb 2018 07:04:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198588 The Adjudicating Authority admitted the application filed by a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 against a Corporate Debtor, despite objections from a third party claiming to be an Operational Creditor due to pending winding up cases. The Authority imposed a moratorium and appointed an Interim Resolution Professional, rejecting the third party's objection. The judgment clarified that the Financial Creditor was eligible to proceed with the application as long as no resolution plan terms had been violated within twelve months preceding the application. The decision emphasized the distinction between "winding up" under the Companies Act, 2013 and "liquidation" under the Insolvency and Bankruptcy Code, 2016. Case-Laws Insolvency and Bankruptcy Thu, 23 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198588