https://www.taxtmi.com/caselaws?id=390690 The Tribunal admitted the Insolvency & Bankruptcy Application (IBA) under Section 9 of the Insolvency & Bankruptcy Code, 2016, filed by an Operational Creditor against a Corporate Debtor for defaulting on a payment of Rs. 12,40,000. Despite admitting the debt, the Corporate Debtor failed to settle, citing financial difficulties. The Tribunal found evidence of debt and default, appointing an Insolvency Resolution Professional (IRP) and imposing a moratorium. Directions included maintaining essential services, specifying the moratorium duration, and appointing an Interim Resolution Professional to oversee the process, marking the commencement of the Corporate Insolvency Resolution Process. en-us Fri, 30 Aug 2019 00:00:00 +0530 Fri, 10 Jan 2020 06:54:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390690 The Tribunal admitted the Insolvency & Bankruptcy Application (IBA) under Section 9 of the Insolvency & Bankruptcy Code, 2016, filed by an Operational Creditor against a Corporate Debtor for defaulting on a payment of Rs. 12,40,000. Despite admitting the debt, the Corporate Debtor failed to settle, citing financial difficulties. The Tribunal found evidence of debt and default, appointing an Insolvency Resolution Professional (IRP) and imposing a moratorium. Directions included maintaining essential services, specifying the moratorium duration, and appointing an Interim Resolution Professional to oversee the process, marking the commencement of the Corporate Insolvency Resolution Process. Case-Laws Insolvency and Bankruptcy Fri, 30 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390690