https://www.taxtmi.com/caselaws?id=403271 The Corporate Applicant filed a Company Petition seeking initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency & Bankruptcy Code, 2016, due to financial distress, mounting debts, and legal proceedings by vendors. Despite facing challenges such as unpaid salaries, interest on loans, and outstanding dues to the Government, the Petition was initially not admitted but later rectified and accepted by the Tribunal. The Tribunal pronounced a moratorium, appointed an Interim Resolution Professional, and mandated compliance with the Code's provisions until the resolution process's completion or liquidation approval. en-us Fri, 15 Jan 2021 00:00:00 +0530 Sat, 23 Jan 2021 10:37:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403271 The Corporate Applicant filed a Company Petition seeking initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency & Bankruptcy Code, 2016, due to financial distress, mounting debts, and legal proceedings by vendors. Despite facing challenges such as unpaid salaries, interest on loans, and outstanding dues to the Government, the Petition was initially not admitted but later rectified and accepted by the Tribunal. The Tribunal pronounced a moratorium, appointed an Interim Resolution Professional, and mandated compliance with the Code's provisions until the resolution process's completion or liquidation approval. Case-Laws Insolvency and Bankruptcy Fri, 15 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403271