https://www.taxtmi.com/caselaws?id=293294 The tribunal classified the petitioner as a "Financial Creditor" under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to the payments made with the expectation of repayment with interest. The Agreement of Sale between the parties included indemnity clauses, and the Corporate Debtor's failure to obtain necessary permissions led to the initiation of the Corporate Insolvency Resolution Process. The tribunal admitted the petition, appointed an Interim Resolution Professional, and declared a moratorium to facilitate the resolution process. en-us Tue, 28 Jan 2020 00:00:00 +0530 Wed, 03 Feb 2021 06:52:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293294 The tribunal classified the petitioner as a "Financial Creditor" under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to the payments made with the expectation of repayment with interest. The Agreement of Sale between the parties included indemnity clauses, and the Corporate Debtor's failure to obtain necessary permissions led to the initiation of the Corporate Insolvency Resolution Process. The tribunal admitted the petition, appointed an Interim Resolution Professional, and declared a moratorium to facilitate the resolution process. Case-Laws Insolvency and Bankruptcy Tue, 28 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293294