https://www.taxtmi.com/caselaws?id=359607 At the section 10 admission stage under the Insolvency and Bankruptcy Code, the NCLT held that an operational creditor could not intervene to obstruct the threshold inquiry, which is confined to the corporate debtor's debt, default, completeness of the application, and eligibility. It further held that pendency of Delhi High Court proceedings and the restraint order did not bar the corporate debtor from seeking insolvency relief, as the order was directed against disposal of assets and creation of third-party interests. Finding the statutory requirements satisfied, the tribunal admitted the application, commenced the corporate insolvency resolution process, imposed moratorium, and appointed an interim resolution professional. en-us Mon, 19 Mar 2018 00:00:00 +0530 Wed, 02 May 2018 08:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359607 At the section 10 admission stage under the Insolvency and Bankruptcy Code, the NCLT held that an operational creditor could not intervene to obstruct the threshold inquiry, which is confined to the corporate debtor's debt, default, completeness of the application, and eligibility. It further held that pendency of Delhi High Court proceedings and the restraint order did not bar the corporate debtor from seeking insolvency relief, as the order was directed against disposal of assets and creation of third-party interests. Finding the statutory requirements satisfied, the tribunal admitted the application, commenced the corporate insolvency resolution process, imposed moratorium, and appointed an interim resolution professional. Case-Laws Insolvency and Bankruptcy Mon, 19 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359607