https://www.taxtmi.com/caselaws?id=414685 The NCLT Mumbai Bench admitted the petition under Section 7 of the IBC, initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The tribunal found the existence of financial debt and default, leading to the appointment of an Interim Resolution Professional (IRP) and imposition of a moratorium as per Section 14 of the IBC. This decision was based on statutory requirements and the Supreme Court's precedent emphasizing the commencement of insolvency resolution once default is proven. en-us Fri, 08 Oct 2021 00:00:00 +0530 Mon, 15 Nov 2021 09:08:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414685 The NCLT Mumbai Bench admitted the petition under Section 7 of the IBC, initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The tribunal found the existence of financial debt and default, leading to the appointment of an Interim Resolution Professional (IRP) and imposition of a moratorium as per Section 14 of the IBC. This decision was based on statutory requirements and the Supreme Court's precedent emphasizing the commencement of insolvency resolution once default is proven. Case-Laws Insolvency and Bankruptcy Fri, 08 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414685