https://www.taxtmi.com/caselaws?id=371648 The Tribunal found that the amounts claimed by the Financial Creditors were loans, not investments, as evidenced by TDS certificates and ledger accounts. The Tribunal concluded that the amount claimed had not been discharged and was still outstanding. Despite the pending Civil Suit before the Hon'ble Bombay High Court, the Tribunal asserted jurisdiction to adjudicate the insolvency petition. Due to the existence of a default in repayment, the petition was admitted, initiating the Corporate Insolvency Resolution Process (CIRP) with the appointment of an Interim Resolution Professional (IRP) and declaration of a moratorium under Section 14 of the IBC. en-us Tue, 23 Oct 2018 00:00:00 +0530 Fri, 07 Dec 2018 06:54:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371648 The Tribunal found that the amounts claimed by the Financial Creditors were loans, not investments, as evidenced by TDS certificates and ledger accounts. The Tribunal concluded that the amount claimed had not been discharged and was still outstanding. Despite the pending Civil Suit before the Hon'ble Bombay High Court, the Tribunal asserted jurisdiction to adjudicate the insolvency petition. Due to the existence of a default in repayment, the petition was admitted, initiating the Corporate Insolvency Resolution Process (CIRP) with the appointment of an Interim Resolution Professional (IRP) and declaration of a moratorium under Section 14 of the IBC. Case-Laws Insolvency and Bankruptcy Tue, 23 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371648