https://www.taxtmi.com/caselaws?id=381690 The Tribunal dismissed the appeal against the order initiating Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code. Despite the criminal case involving fraudulent withdrawals by Bank officials and the Chief Financial Officer, the Tribunal held that insolvency proceedings should proceed independently. Emphasizing the supremacy of the Insolvency and Bankruptcy Code, the Tribunal ruled that the existence of debt and default is sufficient to initiate insolvency proceedings, irrespective of ongoing criminal cases. en-us Wed, 10 Apr 2019 00:00:00 +0530 Tue, 18 Jun 2019 05:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381690 The Tribunal dismissed the appeal against the order initiating Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code. Despite the criminal case involving fraudulent withdrawals by Bank officials and the Chief Financial Officer, the Tribunal held that insolvency proceedings should proceed independently. Emphasizing the supremacy of the Insolvency and Bankruptcy Code, the Tribunal ruled that the existence of debt and default is sufficient to initiate insolvency proceedings, irrespective of ongoing criminal cases. Case-Laws Insolvency and Bankruptcy Wed, 10 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381690