https://www.taxtmi.com/caselaws?id=370703 The Tribunal admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against the corporate debtor, M/s. Basic India Limited. It confirmed its territorial jurisdiction, appointed an Interim Resolution Professional, Mr. Anup Sood, and declared a moratorium. The objections raised by the corporate debtor regarding financial discrepancies, forum shopping, and insurance cover were dismissed. The Tribunal emphasized the need for cooperation with the IRP and highlighted that the default exceeding Rs. 1 lakh was adequate to trigger the CIRP. en-us Fri, 12 Oct 2018 00:00:00 +0530 Thu, 22 Nov 2018 07:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370703 The Tribunal admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against the corporate debtor, M/s. Basic India Limited. It confirmed its territorial jurisdiction, appointed an Interim Resolution Professional, Mr. Anup Sood, and declared a moratorium. The objections raised by the corporate debtor regarding financial discrepancies, forum shopping, and insurance cover were dismissed. The Tribunal emphasized the need for cooperation with the IRP and highlighted that the default exceeding Rs. 1 lakh was adequate to trigger the CIRP. Case-Laws Insolvency and Bankruptcy Fri, 12 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370703