https://www.taxtmi.com/caselaws?id=414688 The Tribunal established jurisdiction to entertain the Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Financial Creditors against the Corporate Debtor. The Financial Creditors, as legal heirs, presented evidence of the debt owed, supported by audited statements and legal documents. Despite the Corporate Debtor's defense of repayment from asset sale proceeds, the Tribunal found a default in payment, emphasizing the Code's definition. Following legal precedents, the Tribunal admitted the Company Petition, initiating the Corporate Insolvency Resolution Process, appointing an Interim Resolution Professional, and issuing directions for compliance and reporting during the process. en-us Fri, 29 Oct 2021 00:00:00 +0530 Sat, 13 Nov 2021 00:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414688 The Tribunal established jurisdiction to entertain the Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Financial Creditors against the Corporate Debtor. The Financial Creditors, as legal heirs, presented evidence of the debt owed, supported by audited statements and legal documents. Despite the Corporate Debtor's defense of repayment from asset sale proceeds, the Tribunal found a default in payment, emphasizing the Code's definition. Following legal precedents, the Tribunal admitted the Company Petition, initiating the Corporate Insolvency Resolution Process, appointing an Interim Resolution Professional, and issuing directions for compliance and reporting during the process. Case-Laws Insolvency and Bankruptcy Fri, 29 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414688