https://www.taxtmi.com/caselaws?id=407849 The Tribunal determined that the amount advanced by the Petitioner constituted a "financial debt" under the Insolvency and Bankruptcy Code (IBC) and that there was a default in repayment by the Corporate Debtor. Consequently, the Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, Fabtech Sugar Limited. Mr. Ritesh R. Mahajan was appointed as the Interim Resolution Professional (IRP), and the moratorium under Section 14 of the IBC was imposed, prohibiting actions against the Corporate Debtor's assets. The CIRP commenced following the Tribunal's decision. en-us Thu, 13 May 2021 00:00:00 +0530 Mon, 24 May 2021 08:37:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407849 The Tribunal determined that the amount advanced by the Petitioner constituted a "financial debt" under the Insolvency and Bankruptcy Code (IBC) and that there was a default in repayment by the Corporate Debtor. Consequently, the Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, Fabtech Sugar Limited. Mr. Ritesh R. Mahajan was appointed as the Interim Resolution Professional (IRP), and the moratorium under Section 14 of the IBC was imposed, prohibiting actions against the Corporate Debtor's assets. The CIRP commenced following the Tribunal's decision. Case-Laws Insolvency and Bankruptcy Thu, 13 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407849