https://www.taxtmi.com/caselaws?id=282553 The Tribunal ruled in favor of the Operational Creditor in an application under Section 9 of the Insolvency & Bankruptcy Code, initiating the Corporate Insolvency Resolution Process for the Corporate Debtor due to non-payment of interest on the original debt. The Tribunal found that the Corporate Debtor had accepted the terms of interest payment as stated in the invoices, despite the absence of explicit mention in purchase orders. Consequently, the Corporate Debtor was held liable to pay the outstanding interest, and an Interim Resolution Professional was appointed to oversee the resolution process. en-us Wed, 19 Dec 2018 00:00:00 +0530 Tue, 13 Aug 2019 11:11:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282553 The Tribunal ruled in favor of the Operational Creditor in an application under Section 9 of the Insolvency & Bankruptcy Code, initiating the Corporate Insolvency Resolution Process for the Corporate Debtor due to non-payment of interest on the original debt. The Tribunal found that the Corporate Debtor had accepted the terms of interest payment as stated in the invoices, despite the absence of explicit mention in purchase orders. Consequently, the Corporate Debtor was held liable to pay the outstanding interest, and an Interim Resolution Professional was appointed to oversee the resolution process. Case-Laws Insolvency and Bankruptcy Wed, 19 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282553