https://www.taxtmi.com/caselaws?id=413886 The Tribunal admitted the Application under Section 7 of the Insolvency & Bankruptcy Code, initiating the Corporate Insolvency Resolution Process against the Corporate Debtor. A moratorium was imposed, restricting legal proceedings, asset disposal, and recovery actions. The Interim Resolution Professional (IRP) was appointed to oversee the resolution process, with the Board of Directors' powers suspended. The Tribunal emphasized the need for essential supplies to be maintained during the moratorium. The Corporate Debtor's default on repayment, acknowledged in various documents, led to the Tribunal's decision, unaffected by the Covid-19 onset, as protection under Section 10A was unavailable. en-us Mon, 04 Oct 2021 00:00:00 +0530 Sat, 23 Oct 2021 07:52:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413886 The Tribunal admitted the Application under Section 7 of the Insolvency & Bankruptcy Code, initiating the Corporate Insolvency Resolution Process against the Corporate Debtor. A moratorium was imposed, restricting legal proceedings, asset disposal, and recovery actions. The Interim Resolution Professional (IRP) was appointed to oversee the resolution process, with the Board of Directors' powers suspended. The Tribunal emphasized the need for essential supplies to be maintained during the moratorium. The Corporate Debtor's default on repayment, acknowledged in various documents, led to the Tribunal's decision, unaffected by the Covid-19 onset, as protection under Section 10A was unavailable. Case-Laws Insolvency and Bankruptcy Mon, 04 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413886