https://www.taxtmi.com/caselaws?id=370671 The tribunal found that the petitioners qualified as 'financial creditors' under the Insolvency and Bankruptcy Code, as they had paid significant amounts to the corporate debtor for a residential plot and the debtor defaulted on refunding the money. The tribunal determined a default in payment of the financial debt by the corporate debtor and deemed the application for Corporate Insolvency Resolution Process (CIRP) complete. The proposed Interim Resolution Professional (IRP) met all criteria set by the Code. Consequently, the petition was admitted, and Mr. Pawan Kumar Garg was appointed as the IRP, initiating the CIRP process with a declared moratorium. en-us Wed, 17 Oct 2018 00:00:00 +0530 Wed, 21 Nov 2018 21:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370671 The tribunal found that the petitioners qualified as 'financial creditors' under the Insolvency and Bankruptcy Code, as they had paid significant amounts to the corporate debtor for a residential plot and the debtor defaulted on refunding the money. The tribunal determined a default in payment of the financial debt by the corporate debtor and deemed the application for Corporate Insolvency Resolution Process (CIRP) complete. The proposed Interim Resolution Professional (IRP) met all criteria set by the Code. Consequently, the petition was admitted, and Mr. Pawan Kumar Garg was appointed as the IRP, initiating the CIRP process with a declared moratorium. Case-Laws Insolvency and Bankruptcy Wed, 17 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370671