https://www.taxtmi.com/caselaws?id=362032 The application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was initially dismissed but later set aside by the NCLAT, ruling that applicants committed to pay 'assured return' qualified as 'financial creditors'. The NCLAT clarified the applicants' investments as 'financial debt'. Due to defaults in payment of 'Committed Returns' and project delays, an Interim Resolution Professional was appointed, initiating the Corporate Insolvency Resolution Process against the corporate debtor. Despite pending litigations and ongoing mediation, the tribunal proceeded with the CIRP, emphasizing the importance of the process. en-us Thu, 10 May 2018 00:00:00 +0530 Tue, 19 Jun 2018 09:25:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362032 The application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was initially dismissed but later set aside by the NCLAT, ruling that applicants committed to pay 'assured return' qualified as 'financial creditors'. The NCLAT clarified the applicants' investments as 'financial debt'. Due to defaults in payment of 'Committed Returns' and project delays, an Interim Resolution Professional was appointed, initiating the Corporate Insolvency Resolution Process against the corporate debtor. Despite pending litigations and ongoing mediation, the tribunal proceeded with the CIRP, emphasizing the importance of the process. Case-Laws Insolvency and Bankruptcy Thu, 10 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362032