https://www.taxtmi.com/caselaws?id=394795 The Adjudicating Authority admitted the petition filed by a bank, a Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, against the Corporate Debtor, Aswaraj Infra Private Ltd., due to default on repayment, leading to classification as a Non-Performing Asset. The Authority confirmed the existence of financial debt, the default date, and approved the appointment of an Interim Resolution Professional. Mr. Gaurav Ashok Adukia was appointed as the Interim Insolvency Resolution Professional to oversee the Corporate Insolvency Resolution Process. The judgment highlights the importance of meeting statutory requirements and evidentiary standards for successful admission and progression of insolvency proceedings. en-us Fri, 31 Jan 2020 00:00:00 +0530 Sat, 25 Apr 2020 10:59:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394795 The Adjudicating Authority admitted the petition filed by a bank, a Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, against the Corporate Debtor, Aswaraj Infra Private Ltd., due to default on repayment, leading to classification as a Non-Performing Asset. The Authority confirmed the existence of financial debt, the default date, and approved the appointment of an Interim Resolution Professional. Mr. Gaurav Ashok Adukia was appointed as the Interim Insolvency Resolution Professional to oversee the Corporate Insolvency Resolution Process. The judgment highlights the importance of meeting statutory requirements and evidentiary standards for successful admission and progression of insolvency proceedings. Case-Laws Insolvency and Bankruptcy Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394795