https://www.taxtmi.com/caselaws?id=275447 The State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code against a Corporate Debtor for defaulting on loan repayments. Despite attempts to restructure the loans, the Corporate Debtor's account was declared a Non-Performing Asset. The petition sought to trigger the insolvency process, leading to the appointment of an Insolvency Resolution Professional. The Tribunal admitted the petition, imposed a moratorium, and directed the Resolution Professional to proceed with the process. The order was communicated to both parties, concluding the case. en-us Tue, 25 Jul 2017 00:00:00 +0530 Thu, 04 Oct 2018 10:11:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275447 The State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code against a Corporate Debtor for defaulting on loan repayments. Despite attempts to restructure the loans, the Corporate Debtor's account was declared a Non-Performing Asset. The petition sought to trigger the insolvency process, leading to the appointment of an Insolvency Resolution Professional. The Tribunal admitted the petition, imposed a moratorium, and directed the Resolution Professional to proceed with the process. The order was communicated to both parties, concluding the case. Case-Laws Insolvency and Bankruptcy Tue, 25 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275447