https://www.taxtmi.com/caselaws?id=404293 The National Company Law Tribunal allowed the Company Petition filed by a Financial Creditor for the initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to default in payment. The Tribunal found the debt to be a 'financial debt' under the Insolvency and Bankruptcy Code. As the Corporate Debtor did not contest the claim, CIRP was initiated, an Interim Resolution Professional was appointed, and directions were issued regarding the CIRP process, moratorium, and management during CIRP. Legal actions against the Corporate Debtor were prohibited during the CIRP period, ensuring continuity of essential supplies. en-us Wed, 03 Feb 2021 00:00:00 +0530 Sat, 20 Feb 2021 09:07:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404293 The National Company Law Tribunal allowed the Company Petition filed by a Financial Creditor for the initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to default in payment. The Tribunal found the debt to be a 'financial debt' under the Insolvency and Bankruptcy Code. As the Corporate Debtor did not contest the claim, CIRP was initiated, an Interim Resolution Professional was appointed, and directions were issued regarding the CIRP process, moratorium, and management during CIRP. Legal actions against the Corporate Debtor were prohibited during the CIRP period, ensuring continuity of essential supplies. Case-Laws Insolvency and Bankruptcy Wed, 03 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404293