https://www.taxtmi.com/caselaws?id=410439 A Government company is not excluded from the insolvency framework merely because of State ownership; CIRP may proceed unless the company is shown to be performing sovereign functions or enjoying immunity, which was not established here. The section 9 petition was also held admissible because the demand notice reply and part-payments amounted to admissions of liability, and later objections on dispute, limitation, withholding, short supply and related issues did not negate operational debt and default. The interest question was unnecessary to decide because the principal debt exceeded the admission threshold. The application was allowed and CIRP commenced with moratorium and an Interim Resolution Professional. en-us Fri, 16 Jul 2021 00:00:00 +0530 Mon, 02 Aug 2021 09:03:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410439 A Government company is not excluded from the insolvency framework merely because of State ownership; CIRP may proceed unless the company is shown to be performing sovereign functions or enjoying immunity, which was not established here. The section 9 petition was also held admissible because the demand notice reply and part-payments amounted to admissions of liability, and later objections on dispute, limitation, withholding, short supply and related issues did not negate operational debt and default. The interest question was unnecessary to decide because the principal debt exceeded the admission threshold. The application was allowed and CIRP commenced with moratorium and an Interim Resolution Professional. Case-Laws Insolvency and Bankruptcy Fri, 16 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410439