https://www.taxtmi.com/caselaws?id=385820 The Tribunal upheld the admission of the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by 'Indiabulls Housing Finance Ltd.' against 'BHA Associates Private Limited.' The Adjudicating Authority declared the Corporate Debtor as a Non-performing Asset (NPA) based on default, emphasizing that once a debt becomes due and is not paid, the insolvency resolution process is triggered. The Tribunal dismissed the appeal challenging the NPA declaration, as it found the debt payable and default had occurred, citing the Supreme Court's decision in 'M/s. Innoventive Industries Ltd. Vs. ICICI Bank Ltd. - (2018) 1 SCC 407.' en-us Mon, 01 Jul 2019 00:00:00 +0530 Sat, 14 Sep 2019 10:27:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385820 The Tribunal upheld the admission of the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by 'Indiabulls Housing Finance Ltd.' against 'BHA Associates Private Limited.' The Adjudicating Authority declared the Corporate Debtor as a Non-performing Asset (NPA) based on default, emphasizing that once a debt becomes due and is not paid, the insolvency resolution process is triggered. The Tribunal dismissed the appeal challenging the NPA declaration, as it found the debt payable and default had occurred, citing the Supreme Court's decision in 'M/s. Innoventive Industries Ltd. Vs. ICICI Bank Ltd. - (2018) 1 SCC 407.' Case-Laws Insolvency and Bankruptcy Mon, 01 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385820