https://www.taxtmi.com/caselaws?id=290179 The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against a Corporate Debtor for defaulting on a financial debt. The initial application was rejected, but the NCLAT directed the Adjudicating Authority to admit the application, emphasizing settlement opportunities. The Corporate Debtor was admitted to Corporate Insolvency Resolution Process (CIRP), with a moratorium declared and an Interim Resolution Professional appointed. A Scheme of Arrangement under the Companies Act, 2013 was considered post-admission. The Adjudicating Authority ensured a time-bound CIRP process. en-us Fri, 07 Feb 2020 00:00:00 +0530 Fri, 11 Sep 2020 23:44:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290179 The State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against a Corporate Debtor for defaulting on a financial debt. The initial application was rejected, but the NCLAT directed the Adjudicating Authority to admit the application, emphasizing settlement opportunities. The Corporate Debtor was admitted to Corporate Insolvency Resolution Process (CIRP), with a moratorium declared and an Interim Resolution Professional appointed. A Scheme of Arrangement under the Companies Act, 2013 was considered post-admission. The Adjudicating Authority ensured a time-bound CIRP process. Case-Laws Insolvency and Bankruptcy Fri, 07 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290179