Sections 8 & 9 of Insolvency Code: Unpaid debts need clear payment proof via electronic transfer for insolvency process initiation.

Sections 8 & 9 of Insolvency Code: Unpaid debts need clear payment proof via electronic transfer for insolvency process initiation. https://www.taxtmi.com/highlights?id=53862 Initiation of CIRP - A combined reading of Sections 8 and 9 of the 'I&B Code' leaves no room for doubt that the payment of unpaid operational debt has to be unqualified and evidenced by electronic transfer from Bank account of the 'Corporate Debtor' to the Bank account of the 'Operational Creditor' and that the 'Operational Creditor' can initiate 'Corporate Insolvency Resolution Process' only if he does not receive payment from the 'Corporate Debtor' en-us Mon, 29 Jun 2020 09:25:33 +0530 Mon, 29 Jun 2020 09:25:33 +0530 TaxTMI RSS Generator Sections 8 & 9 of Insolvency Code: Unpaid debts need clear payment proof via electronic transfer for insolvency process initiation. https://www.taxtmi.com/highlights?id=53862 Initiation of CIRP - A combined reading of Sections 8 and 9 of the 'I&B Code' leaves no room for doubt that the payment of unpaid operational debt has to be unqualified and evidenced by electronic transfer from Bank account of the 'Corporate Debtor' to the Bank account of the 'Operational Creditor' and that the 'Operational Creditor' can initiate 'Corporate Insolvency Resolution Process' only if he does not receive payment from the 'Corporate Debtor' Highlights Insolvency and Bankruptcy Mon, 29 Jun 2020 09:25:33 +0530 https://www.taxtmi.com/highlights?id=53862