https://www.taxtmi.com/caselaws?id=294853 The Tribunal found in favor of the Operational Creditor, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Tribunal established the default in payment, admitted the petition, and declared a moratorium under Section 14 of the Code. An Interim Resolution Professional was appointed, and the Operational Creditor was directed to deposit funds for immediate expenses. The Tribunal emphasized the importance of formal agreements for asset transfers and rejected the Corporate Debtor's claims of pre-existing disputes as illusory. en-us Wed, 26 Feb 2020 00:00:00 +0530 Thu, 06 May 2021 08:40:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294853 The Tribunal found in favor of the Operational Creditor, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Tribunal established the default in payment, admitted the petition, and declared a moratorium under Section 14 of the Code. An Interim Resolution Professional was appointed, and the Operational Creditor was directed to deposit funds for immediate expenses. The Tribunal emphasized the importance of formal agreements for asset transfers and rejected the Corporate Debtor's claims of pre-existing disputes as illusory. Case-Laws Insolvency and Bankruptcy Wed, 26 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294853