https://www.taxtmi.com/caselaws?id=409568 The Tribunal held that the Corporate Debtor failed to raise any dispute before the Demand Notice was issued, leading to the conclusion that the debt was payable as per the Memorandum of Understanding. The debt was found to have fallen due, necessitating the initiation of the Corporate Insolvency Resolution Process. The Tribunal confirmed its jurisdiction to entertain the application filed before the threshold limit was raised. Efforts to settle the dues through instalments were made, resulting in a full settlement acknowledged by the Respondent. Consequently, the main application was withdrawn, and the formation of the Committee of Creditors was stayed until the withdrawal application was disposed of. en-us Wed, 07 Jul 2021 00:00:00 +0530 Sun, 11 Jul 2021 16:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409568 The Tribunal held that the Corporate Debtor failed to raise any dispute before the Demand Notice was issued, leading to the conclusion that the debt was payable as per the Memorandum of Understanding. The debt was found to have fallen due, necessitating the initiation of the Corporate Insolvency Resolution Process. The Tribunal confirmed its jurisdiction to entertain the application filed before the threshold limit was raised. Efforts to settle the dues through instalments were made, resulting in a full settlement acknowledged by the Respondent. Consequently, the main application was withdrawn, and the formation of the Committee of Creditors was stayed until the withdrawal application was disposed of. Case-Laws Insolvency and Bankruptcy Wed, 07 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409568