https://www.taxtmi.com/caselaws?id=291944 A demerger scheme can transfer liabilities of the demerged undertaking to the transferee company, making it liable for the loan debt and bringing the claim within the meaning of financial debt where the facilities carried interest. For admission under section 7 of the Insolvency and Bankruptcy Code, the Tribunal examined whether default was shown and whether the application was complete, including supporting records and the absence of any disciplinary proceeding against the proposed interim resolution professional. On the stated facts, the documents established default and statutory compliance, supporting admission of the insolvency petition and commencement of the interim resolution process. en-us Wed, 31 Jul 2019 00:00:00 +0530 Tue, 01 Dec 2020 15:29:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291944 A demerger scheme can transfer liabilities of the demerged undertaking to the transferee company, making it liable for the loan debt and bringing the claim within the meaning of financial debt where the facilities carried interest. For admission under section 7 of the Insolvency and Bankruptcy Code, the Tribunal examined whether default was shown and whether the application was complete, including supporting records and the absence of any disciplinary proceeding against the proposed interim resolution professional. On the stated facts, the documents established default and statutory compliance, supporting admission of the insolvency petition and commencement of the interim resolution process. Case-Laws Insolvency and Bankruptcy Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291944