https://www.taxtmi.com/caselaws?id=372919 The Appellate Tribunal set aside the Adjudicating Authority's rejection of applications to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code. The Tribunal clarified the jurisdiction and powers of the Adjudicating Authority, emphasizing adherence to specific sections of the Code. It directed the Adjudicating Authority to consider evidence provided by Financial Creditors to determine default and confirmed their status as such. The Tribunal also restricted the use of inherent powers, upheld the rejection of objections by the Corporate Debtor, and instructed the Adjudicating Authority to admit the applications upon establishing debt and default, without entertaining new objections. en-us Fri, 30 Nov 2018 00:00:00 +0530 Thu, 03 Jan 2019 08:05:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372919 The Appellate Tribunal set aside the Adjudicating Authority's rejection of applications to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code. The Tribunal clarified the jurisdiction and powers of the Adjudicating Authority, emphasizing adherence to specific sections of the Code. It directed the Adjudicating Authority to consider evidence provided by Financial Creditors to determine default and confirmed their status as such. The Tribunal also restricted the use of inherent powers, upheld the rejection of objections by the Corporate Debtor, and instructed the Adjudicating Authority to admit the applications upon establishing debt and default, without entertaining new objections. Case-Laws Insolvency and Bankruptcy Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372919