https://www.taxtmi.com/caselaws?id=405768 The Bench admitted the petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor for unpaid debt. Despite the Corporate Debtor's contentions, the Bench found the Operational Creditor had met the legal requirements for demonstrating default. Consequently, the Corporate Insolvency Resolution Process (CIRP) was initiated, invoking the moratorium under Section 14 of the Code. Prohibitions were imposed under the moratorium, an Interim Resolution Professional (IRP) was appointed, and the Operational Creditor was directed to deposit funds for immediate expenses. en-us Fri, 12 Mar 2021 00:00:00 +0530 Sat, 27 Mar 2021 07:38:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405768 The Bench admitted the petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor for unpaid debt. Despite the Corporate Debtor's contentions, the Bench found the Operational Creditor had met the legal requirements for demonstrating default. Consequently, the Corporate Insolvency Resolution Process (CIRP) was initiated, invoking the moratorium under Section 14 of the Code. Prohibitions were imposed under the moratorium, an Interim Resolution Professional (IRP) was appointed, and the Operational Creditor was directed to deposit funds for immediate expenses. Case-Laws Insolvency and Bankruptcy Fri, 12 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405768