https://www.taxtmi.com/caselaws?id=404970 The tribunal found that the corporate debtor's failure to pay interest and instalments periodically constituted a default under the Insolvency and Bankruptcy Code. Despite the debtor's argument that the cheque was for security, the tribunal held that its dishonour indicated a payment default. Consequently, the tribunal admitted the corporate debtor to the corporate insolvency resolution process, declaring a moratorium and appointing an interim resolution professional to manage the company's operations and assets. The financial creditor was directed to cover the IRP's expenses, with additional funds as necessary, and the decision was communicated to all relevant parties, finalizing the debtor's admission to the resolution process. en-us Thu, 07 Jan 2021 00:00:00 +0530 Tue, 09 Mar 2021 08:47:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404970 The tribunal found that the corporate debtor's failure to pay interest and instalments periodically constituted a default under the Insolvency and Bankruptcy Code. Despite the debtor's argument that the cheque was for security, the tribunal held that its dishonour indicated a payment default. Consequently, the tribunal admitted the corporate debtor to the corporate insolvency resolution process, declaring a moratorium and appointing an interim resolution professional to manage the company's operations and assets. The financial creditor was directed to cover the IRP's expenses, with additional funds as necessary, and the decision was communicated to all relevant parties, finalizing the debtor's admission to the resolution process. Case-Laws Insolvency and Bankruptcy Thu, 07 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404970