https://www.taxtmi.com/caselaws?id=409398 The National Company Law Tribunal, New Delhi Bench, accepted the application filed under section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against a company. Despite objections raised by the Corporate Debtor, the Tribunal determined that a default had occurred regarding the financial debt owed. Consequently, the Tribunal appointed an Insolvency Resolution Professional to oversee the resolution process, imposed a moratorium on the Corporate Debtor, and directed the Applicant to deposit funds for resolution expenses. The Tribunal's decision included communication directives to relevant parties and the Registrar of Companies for updating the Corporate Debtor's status. en-us Fri, 25 Jun 2021 00:00:00 +0530 Wed, 07 Jul 2021 09:11:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409398 The National Company Law Tribunal, New Delhi Bench, accepted the application filed under section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against a company. Despite objections raised by the Corporate Debtor, the Tribunal determined that a default had occurred regarding the financial debt owed. Consequently, the Tribunal appointed an Insolvency Resolution Professional to oversee the resolution process, imposed a moratorium on the Corporate Debtor, and directed the Applicant to deposit funds for resolution expenses. The Tribunal's decision included communication directives to relevant parties and the Registrar of Companies for updating the Corporate Debtor's status. Case-Laws Insolvency and Bankruptcy Fri, 25 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409398