https://www.taxtmi.com/caselaws?id=291882 The Tribunal found that the applicants qualified as 'financial creditors' under the Insolvency and Bankruptcy Code, 2016, due to payments made towards a residential project. It ruled that the Corporate Debtor defaulted in delivering possession of the apartment, rejecting defenses of force majeure and payment defaults. The application under Section 7 was deemed maintainable, and the Tribunal had jurisdiction to adjudicate. The relief sought was within the terms of the agreement, and the Corporate Insolvency Resolution Process was not viewed as a recovery mechanism. Consequently, the Tribunal admitted the application, appointed an Interim Resolution Professional, and declared a moratorium under Section 14 of the Code. en-us Tue, 20 Aug 2019 00:00:00 +0530 Tue, 16 Mar 2021 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291882 The Tribunal found that the applicants qualified as 'financial creditors' under the Insolvency and Bankruptcy Code, 2016, due to payments made towards a residential project. It ruled that the Corporate Debtor defaulted in delivering possession of the apartment, rejecting defenses of force majeure and payment defaults. The application under Section 7 was deemed maintainable, and the Tribunal had jurisdiction to adjudicate. The relief sought was within the terms of the agreement, and the Corporate Insolvency Resolution Process was not viewed as a recovery mechanism. Consequently, the Tribunal admitted the application, appointed an Interim Resolution Professional, and declared a moratorium under Section 14 of the Code. Case-Laws Insolvency and Bankruptcy Tue, 20 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291882