https://www.taxtmi.com/caselaws?id=299011 The Tribunal rejected the bank's impleadment request because its interest in the flats was found to be contractual and premature, with no present proprietary right to intervene in the insolvency proceedings. It also rejected the flat purchasers' impleadment application, following the procedural direction that third parties should not be permitted to intervene at that stage of the Section 7 petition. On the insolvency claim, the Tribunal held that the financial debt and default were established through the loan assignment, restructuring, additional funding, and default record, and that the corporate debtor's objections did not displace the material on record. The Section 7 petition was admitted, CIRP commenced, moratorium was issued, and an Interim Resolution Professional was appointed. en-us Tue, 16 Jul 2019 00:00:00 +0530 Wed, 01 Dec 2021 08:49:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299011 The Tribunal rejected the bank's impleadment request because its interest in the flats was found to be contractual and premature, with no present proprietary right to intervene in the insolvency proceedings. It also rejected the flat purchasers' impleadment application, following the procedural direction that third parties should not be permitted to intervene at that stage of the Section 7 petition. On the insolvency claim, the Tribunal held that the financial debt and default were established through the loan assignment, restructuring, additional funding, and default record, and that the corporate debtor's objections did not displace the material on record. The Section 7 petition was admitted, CIRP commenced, moratorium was issued, and an Interim Resolution Professional was appointed. Case-Laws Insolvency and Bankruptcy Tue, 16 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299011