https://www.taxtmi.com/caselaws?id=298347 A struck-off company remains amenable to CIRP under the Insolvency and Bankruptcy Code, 2016, because striking off does not extinguish liabilities and the company's name may be restored for insolvency proceedings. The amount advanced was treated as a financial debt since the ledger described it as loan and advances, and no material showed it was merely an advance for purchase of materials. Technical objections concerning the proposed interim resolution professional, date discrepancies, and the absence of a board resolution under the Companies Act, 2013 did not defeat maintainability, as they were curable, non-fatal, or overridden by the insolvency framework. en-us Fri, 13 Dec 2019 00:00:00 +0530 Thu, 28 Oct 2021 08:38:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298347 A struck-off company remains amenable to CIRP under the Insolvency and Bankruptcy Code, 2016, because striking off does not extinguish liabilities and the company's name may be restored for insolvency proceedings. The amount advanced was treated as a financial debt since the ledger described it as loan and advances, and no material showed it was merely an advance for purchase of materials. Technical objections concerning the proposed interim resolution professional, date discrepancies, and the absence of a board resolution under the Companies Act, 2013 did not defeat maintainability, as they were curable, non-fatal, or overridden by the insolvency framework. Case-Laws Insolvency and Bankruptcy Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298347