https://www.taxtmi.com/caselaws?id=394975 The Tribunal admitted the application under Section 7 of the Insolvency & Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process against the Corporate Debtor. An Interim Resolution Professional was appointed, and a moratorium was declared. Objections raised by the Corporate Debtor on grounds of limitation, non-disbursement of enhanced credit limits, and discontinuation of the 'Holding on Operations' arrangement were rejected. The Tribunal emphasized that the existence of financial debt and default justified the initiation of the CIRP, regardless of the Corporate Debtor's financial situation or operational status. en-us Wed, 19 Feb 2020 00:00:00 +0530 Fri, 01 May 2020 11:28:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394975 The Tribunal admitted the application under Section 7 of the Insolvency & Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process against the Corporate Debtor. An Interim Resolution Professional was appointed, and a moratorium was declared. Objections raised by the Corporate Debtor on grounds of limitation, non-disbursement of enhanced credit limits, and discontinuation of the 'Holding on Operations' arrangement were rejected. The Tribunal emphasized that the existence of financial debt and default justified the initiation of the CIRP, regardless of the Corporate Debtor's financial situation or operational status. Case-Laws Insolvency and Bankruptcy Wed, 19 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394975