https://www.taxtmi.com/caselaws?id=408459 The Tribunal granted the Operational Creditor's application under Section 9 of the Insolvency and Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to non-compliance with payment terms outlined in a joint memo of compromise. The Tribunal appointed a new Interim Resolution Professional (IRP) and imposed a moratorium period under Section 14(1) of the Code, prohibiting actions against the Corporate Debtor. The decision emphasized the importance of maintaining essential supplies during the moratorium and directed the Operational Creditor to cover necessary expenses for the IRP. en-us Fri, 04 Jun 2021 00:00:00 +0530 Fri, 11 Jun 2021 08:48:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408459 The Tribunal granted the Operational Creditor's application under Section 9 of the Insolvency and Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to non-compliance with payment terms outlined in a joint memo of compromise. The Tribunal appointed a new Interim Resolution Professional (IRP) and imposed a moratorium period under Section 14(1) of the Code, prohibiting actions against the Corporate Debtor. The decision emphasized the importance of maintaining essential supplies during the moratorium and directed the Operational Creditor to cover necessary expenses for the IRP. Case-Laws Insolvency and Bankruptcy Fri, 04 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408459