https://www.taxtmi.com/caselaws?id=398878 The Bench admitted the Company Petition filed by Bank of India against Wadhwa Buildcon LLP, initiating Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency & Bankruptcy Code. The Court found clear default in repayment, qualifying the debt as a "Financial Debt." Despite the Corporate Debtor's contentions, including market challenges, the Bench upheld the petition, declaring a moratorium and appointing an Interim Resolution Professional. The decision aimed to protect the interests of both parties within the legal framework, following Supreme Court guidelines on triggering CIRP for financial creditors. en-us Tue, 28 Jul 2020 00:00:00 +0530 Sat, 26 Sep 2020 11:41:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398878 The Bench admitted the Company Petition filed by Bank of India against Wadhwa Buildcon LLP, initiating Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency & Bankruptcy Code. The Court found clear default in repayment, qualifying the debt as a "Financial Debt." Despite the Corporate Debtor's contentions, including market challenges, the Bench upheld the petition, declaring a moratorium and appointing an Interim Resolution Professional. The decision aimed to protect the interests of both parties within the legal framework, following Supreme Court guidelines on triggering CIRP for financial creditors. Case-Laws Insolvency and Bankruptcy Tue, 28 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398878