https://www.taxtmi.com/caselaws?id=398321 The tribunal held that the Application under Section 7 of I&B Code was not filed pursuant to the RBI Circular and rejected the argument that the liability of the Corporate Debtor was discharged post the invocation of pledged shares. It was determined that the debt was not considered discharged despite the transfer of shares to the Financial Creditor, and the Financial Creditor could maintain the Application under Section 7. The Adjudicating Authority's decision to admit the Application was upheld, and the Appeals were dismissed. en-us Thu, 10 Sep 2020 00:00:00 +0530 Wed, 03 Nov 2021 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398321 The tribunal held that the Application under Section 7 of I&B Code was not filed pursuant to the RBI Circular and rejected the argument that the liability of the Corporate Debtor was discharged post the invocation of pledged shares. It was determined that the debt was not considered discharged despite the transfer of shares to the Financial Creditor, and the Financial Creditor could maintain the Application under Section 7. The Adjudicating Authority's decision to admit the Application was upheld, and the Appeals were dismissed. Case-Laws Insolvency and Bankruptcy Thu, 10 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398321