https://www.taxtmi.com/caselaws?id=405145 The Tribunal found that the application met the criteria for initiating the Corporate Insolvency Resolution Process. Despite the Corporate Debtor's objections regarding the competency of the applicant, presence of the common seal, and existence of a Creditor-Debtor relationship, the Tribunal ruled in favor of the Financial Creditor. The application was admitted, declaring a Moratorium under Section 14 of the Code, appointing an Interim Resolution Professional, and directing the Financial Creditor to deposit funds for expenses. The Corporate Insolvency Resolution Process commenced, with management vested in the IRP/RP. en-us Mon, 08 Mar 2021 00:00:00 +0530 Fri, 12 Mar 2021 08:38:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405145 The Tribunal found that the application met the criteria for initiating the Corporate Insolvency Resolution Process. Despite the Corporate Debtor's objections regarding the competency of the applicant, presence of the common seal, and existence of a Creditor-Debtor relationship, the Tribunal ruled in favor of the Financial Creditor. The application was admitted, declaring a Moratorium under Section 14 of the Code, appointing an Interim Resolution Professional, and directing the Financial Creditor to deposit funds for expenses. The Corporate Insolvency Resolution Process commenced, with management vested in the IRP/RP. Case-Laws Insolvency and Bankruptcy Mon, 08 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405145