https://www.taxtmi.com/caselaws?id=377167 The Petition filed by IL&FS Financial Services Limited was transferred from Bombay HC to NCLT Mumbai. The debt claimed was upheld as a "Financial Debt," originating from a Share Purchase Agreement and a valid Letter of Undertaking. Despite objections raised by La-Fin Financial Services, including issues of limitation and the nature of the debt, the NCLT admitted the Petition, initiating the Corporate Insolvency Resolution Process. The Tribunal appointed an Interim Resolution Professional and imposed a Moratorium, prohibiting legal actions against the Corporate Debtor. The Resolution Plan is to be submitted for approval under the Insolvency and Bankruptcy Code. en-us Tue, 28 Aug 2018 00:00:00 +0530 Sun, 24 Mar 2019 21:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377167 The Petition filed by IL&FS Financial Services Limited was transferred from Bombay HC to NCLT Mumbai. The debt claimed was upheld as a "Financial Debt," originating from a Share Purchase Agreement and a valid Letter of Undertaking. Despite objections raised by La-Fin Financial Services, including issues of limitation and the nature of the debt, the NCLT admitted the Petition, initiating the Corporate Insolvency Resolution Process. The Tribunal appointed an Interim Resolution Professional and imposed a Moratorium, prohibiting legal actions against the Corporate Debtor. The Resolution Plan is to be submitted for approval under the Insolvency and Bankruptcy Code. Case-Laws Insolvency and Bankruptcy Tue, 28 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377167