https://www.taxtmi.com/caselaws?id=362732 The Tribunal admitted the petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Oriental Bank of Commerce against M/s Sonear Industries Limited. The Corporate Debtor's challenge to the classification of its account as a Non-Performing Asset was dismissed due to strong evidence supporting the Financial Creditor's claim. The authority of the Assistant General Manager to file the petition was upheld. Mr. Kanwal Goyal was appointed as the Interim Resolution Professional, and a moratorium was declared under Section 14 of the Code to protect the Corporate Debtor's assets during the Corporate Insolvency Resolution Process. en-us Wed, 16 May 2018 00:00:00 +0530 Mon, 02 Jul 2018 11:03:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362732 The Tribunal admitted the petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Oriental Bank of Commerce against M/s Sonear Industries Limited. The Corporate Debtor's challenge to the classification of its account as a Non-Performing Asset was dismissed due to strong evidence supporting the Financial Creditor's claim. The authority of the Assistant General Manager to file the petition was upheld. Mr. Kanwal Goyal was appointed as the Interim Resolution Professional, and a moratorium was declared under Section 14 of the Code to protect the Corporate Debtor's assets during the Corporate Insolvency Resolution Process. Case-Laws Insolvency and Bankruptcy Wed, 16 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362732