https://www.taxtmi.com/caselaws?id=413540 The Tribunal admitted the application for Corporate Insolvency Resolution Process against the Respondent due to default in loan repayment. An Interim Resolution Professional was appointed, and a moratorium was declared. The Interim Resolution Professional was tasked with managing proceedings diligently, with all involved parties required to cooperate. The Tribunal emphasized the need to ascertain default before admitting such applications, highlighting the legal obligations and consequences for non-compliance or illegal transactions. The decision was communicated promptly to relevant parties and updated on the Registrar of Companies' website. en-us Fri, 01 Oct 2021 00:00:00 +0530 Thu, 14 Oct 2021 09:14:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413540 The Tribunal admitted the application for Corporate Insolvency Resolution Process against the Respondent due to default in loan repayment. An Interim Resolution Professional was appointed, and a moratorium was declared. The Interim Resolution Professional was tasked with managing proceedings diligently, with all involved parties required to cooperate. The Tribunal emphasized the need to ascertain default before admitting such applications, highlighting the legal obligations and consequences for non-compliance or illegal transactions. The decision was communicated promptly to relevant parties and updated on the Registrar of Companies' website. Case-Laws Insolvency and Bankruptcy Fri, 01 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413540