https://www.taxtmi.com/caselaws?id=297228 The Respondent's application under Section 9 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor was admitted. Despite a dispute over the payment amount, the process can proceed if the claim exceeds one lakh rupees. The judgment emphasizes the trigger for insolvency resolution as default on debt payment. The Appellant can settle the claim under Section 12A of the I&B Code, and must hand over assets to the Interim Resolution Professional. Non-compliance may lead to Contempt Proceedings. The appeal is disposed of with specified directions, and no costs are awarded. en-us Mon, 18 Nov 2019 00:00:00 +0530 Tue, 24 Aug 2021 08:12:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297228 The Respondent's application under Section 9 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor was admitted. Despite a dispute over the payment amount, the process can proceed if the claim exceeds one lakh rupees. The judgment emphasizes the trigger for insolvency resolution as default on debt payment. The Appellant can settle the claim under Section 12A of the I&B Code, and must hand over assets to the Interim Resolution Professional. Non-compliance may lead to Contempt Proceedings. The appeal is disposed of with specified directions, and no costs are awarded. Case-Laws Companies Law Mon, 18 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297228