https://www.taxtmi.com/caselaws?id=393560 Pending BIFR proceedings under the Sick Industrial Companies Act, 1985 were excluded from limitation under section 22(5), so the insolvency application was treated as within time and not barred. The Tribunal further found that the debt and default crossed the minimum threshold under the Insolvency and Bankruptcy Code, 2016, accepted the proposed interim resolution professional, and admitted the application. Corporate insolvency resolution process was therefore initiated, with moratorium consequences under section 14 and the associated statutory duties triggered under the Code. en-us Tue, 27 Aug 2019 00:00:00 +0530 Thu, 19 Mar 2020 10:36:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393560 Pending BIFR proceedings under the Sick Industrial Companies Act, 1985 were excluded from limitation under section 22(5), so the insolvency application was treated as within time and not barred. The Tribunal further found that the debt and default crossed the minimum threshold under the Insolvency and Bankruptcy Code, 2016, accepted the proposed interim resolution professional, and admitted the application. Corporate insolvency resolution process was therefore initiated, with moratorium consequences under section 14 and the associated statutory duties triggered under the Code. Case-Laws Insolvency and Bankruptcy Tue, 27 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393560