https://www.taxtmi.com/caselaws?id=416549 An application by the appropriate regulator for commencement of CIRP against a financial service provider was held maintainable where the record showed a subsisting financial debt, a specific date of default, default above the statutory threshold, and compliance with the special procedure under the Insolvency and Bankruptcy Code and the FSP Rules. The debt was treated as financial debt and the petition was found to be within limitation, so the application was complete and fit for admission. Consequential directions on moratorium, appointment of an administrator, vesting of management, and public announcement followed, and initiation of CIRP was allowed. en-us Mon, 06 Dec 2021 00:00:00 +0530 Sat, 01 Jan 2022 08:54:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416549 An application by the appropriate regulator for commencement of CIRP against a financial service provider was held maintainable where the record showed a subsisting financial debt, a specific date of default, default above the statutory threshold, and compliance with the special procedure under the Insolvency and Bankruptcy Code and the FSP Rules. The debt was treated as financial debt and the petition was found to be within limitation, so the application was complete and fit for admission. Consequential directions on moratorium, appointment of an administrator, vesting of management, and public announcement followed, and initiation of CIRP was allowed. Case-Laws Insolvency and Bankruptcy Mon, 06 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416549