https://www.taxtmi.com/caselaws?id=295177 The Tribunal dismissed the appeal against the initiation of Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016. It held that the Operational Creditor must honor consignments exceeding the credit limit as the debt was undisputed, and there was a default in payment by the Corporate Debtor. The Tribunal also ruled that pre-Code authorizations for filing applications under Section 9 could be valid, even if issued before the enactment of the Code in 2016. The appeal was dismissed without costs, affirming the Corporate Debtor's obligation to pay the undisputed debt. en-us Mon, 16 Dec 2019 00:00:00 +0530 Sat, 22 May 2021 08:24:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295177 The Tribunal dismissed the appeal against the initiation of Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016. It held that the Operational Creditor must honor consignments exceeding the credit limit as the debt was undisputed, and there was a default in payment by the Corporate Debtor. The Tribunal also ruled that pre-Code authorizations for filing applications under Section 9 could be valid, even if issued before the enactment of the Code in 2016. The appeal was dismissed without costs, affirming the Corporate Debtor's obligation to pay the undisputed debt. Case-Laws Insolvency and Bankruptcy Mon, 16 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295177