https://www.taxtmi.com/caselaws?id=291297 A Section 7 application under the Insolvency and Bankruptcy Code was found maintainable where an arbitral award had become enforceable under Section 36 of the Arbitration and Conciliation Act and the record showed an admitted, crystallised liability. The Tribunal applied the settled position that, at admission stage, it must verify the existence of financial debt and default and can consider the corporate debtor's objections only within the limited scope permitted by the Code. Objections that the claim arose from a share-purchase transaction and that liability was denied on the facts were rejected, as debt and default were established. Corporate insolvency resolution process was directed to commence, with moratorium and an interim resolution professional. en-us Fri, 27 Sep 2019 00:00:00 +0530 Thu, 05 Nov 2020 12:20:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291297 A Section 7 application under the Insolvency and Bankruptcy Code was found maintainable where an arbitral award had become enforceable under Section 36 of the Arbitration and Conciliation Act and the record showed an admitted, crystallised liability. The Tribunal applied the settled position that, at admission stage, it must verify the existence of financial debt and default and can consider the corporate debtor's objections only within the limited scope permitted by the Code. Objections that the claim arose from a share-purchase transaction and that liability was denied on the facts were rejected, as debt and default were established. Corporate insolvency resolution process was directed to commence, with moratorium and an interim resolution professional. Case-Laws Insolvency and Bankruptcy Fri, 27 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291297