https://www.taxtmi.com/caselaws?id=395853 The Adjudicating Authority admitted the Company Petition filed by the Financial Creditor, establishing debt and default by the Corporate Debtor under section 7 of the IBC. Despite the Corporate Debtor's admission of liability and defense under section 240A, the Authority deemed the defense inapplicable at the admission stage. Consequently, the Petition was admitted, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. An Interim Resolution Professional was appointed to manage the resolution process in compliance with IBC provisions. en-us Tue, 22 Oct 2019 00:00:00 +0530 Tue, 09 Jun 2020 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395853 The Adjudicating Authority admitted the Company Petition filed by the Financial Creditor, establishing debt and default by the Corporate Debtor under section 7 of the IBC. Despite the Corporate Debtor's admission of liability and defense under section 240A, the Authority deemed the defense inapplicable at the admission stage. Consequently, the Petition was admitted, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. An Interim Resolution Professional was appointed to manage the resolution process in compliance with IBC provisions. Case-Laws Insolvency and Bankruptcy Tue, 22 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395853