https://www.taxtmi.com/caselaws?id=288194 The appeal filed by the Directors of a Corporate Debtor against the Adjudicating Authority's order admitting an application under Section 7 of the Insolvency and Bankruptcy Code was dismissed by the Supreme Court. The Court upheld the admission of the application, emphasizing the importance of complying with procedural requirements in insolvency cases. The decision clarified that a default occurs when a debt becomes due and payable, triggering the insolvency resolution process. The Court found that the application met the necessary criteria, and the Adjudicating Authority rightly admitted it. The appeal was dismissed for lack of merit, with no costs imposed. en-us Mon, 04 Feb 2019 00:00:00 +0530 Mon, 25 May 2020 17:14:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288194 The appeal filed by the Directors of a Corporate Debtor against the Adjudicating Authority's order admitting an application under Section 7 of the Insolvency and Bankruptcy Code was dismissed by the Supreme Court. The Court upheld the admission of the application, emphasizing the importance of complying with procedural requirements in insolvency cases. The decision clarified that a default occurs when a debt becomes due and payable, triggering the insolvency resolution process. The Court found that the application met the necessary criteria, and the Adjudicating Authority rightly admitted it. The appeal was dismissed for lack of merit, with no costs imposed. Case-Laws Insolvency and Bankruptcy Mon, 04 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288194