https://www.taxtmi.com/caselaws?id=414028 The Adjudicating Authority admitted the petition for Corporate Insolvency Resolution Process against 'Xion Gems and Jewellers Pvt. Ltd.' due to default on a loan amount, classified as a financial debt. The application, authorized by the proper representative, initiated CIRP, appointing Mr. Deepak Kumar Garg as Interim Resolution Professional. A moratorium under Section 14 of the Code was declared, restricting legal actions against the Corporate Debtor. The judgment highlights the acknowledgment of financial strain by the Corporate Debtor and the compliance with procedural requirements under the Insolvency and Bankruptcy Code. en-us Wed, 13 Oct 2021 00:00:00 +0530 Wed, 27 Oct 2021 09:19:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414028 The Adjudicating Authority admitted the petition for Corporate Insolvency Resolution Process against 'Xion Gems and Jewellers Pvt. Ltd.' due to default on a loan amount, classified as a financial debt. The application, authorized by the proper representative, initiated CIRP, appointing Mr. Deepak Kumar Garg as Interim Resolution Professional. A moratorium under Section 14 of the Code was declared, restricting legal actions against the Corporate Debtor. The judgment highlights the acknowledgment of financial strain by the Corporate Debtor and the compliance with procedural requirements under the Insolvency and Bankruptcy Code. Case-Laws Insolvency and Bankruptcy Wed, 13 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414028