https://www.taxtmi.com/caselaws?id=410633 The Corporate Insolvency Process was initiated under Section 7 of the IBC, 2016, with the application initially rejected by the Tribunal but later allowed on appeal. A settlement proposal led to the dismissal of the petition with the option to revive it if the terms were breached. After a breach, the petition was restored, leading to the declaration of a moratorium and appointment of an Interim Resolution Professional. The Interim Resolution Professional was directed to manage the Corporate Debtor's affairs, prepare asset inventory, announce insolvency publicly, form a Committee of Creditors, and submit progress reports to the Tribunal. en-us Tue, 27 Jul 2021 00:00:00 +0530 Fri, 06 Aug 2021 09:12:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410633 The Corporate Insolvency Process was initiated under Section 7 of the IBC, 2016, with the application initially rejected by the Tribunal but later allowed on appeal. A settlement proposal led to the dismissal of the petition with the option to revive it if the terms were breached. After a breach, the petition was restored, leading to the declaration of a moratorium and appointment of an Interim Resolution Professional. The Interim Resolution Professional was directed to manage the Corporate Debtor's affairs, prepare asset inventory, announce insolvency publicly, form a Committee of Creditors, and submit progress reports to the Tribunal. Case-Laws Insolvency and Bankruptcy Tue, 27 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410633