https://www.taxtmi.com/caselaws?id=418168 The Tribunal admitted the application for Corporate Insolvency Resolution Process under Section 7 of the Insolvency & Bankruptcy Code, 2016 against the Corporate Debtor due to default in payments. The Financial Creditor, a NBFC, provided evidence of default, including bounced cheques and non-payment of EMIs, supported by arbitration awards and financial statements. Despite the Corporate Debtor's non-appearance and failure to comply with repayment schedules, the Tribunal found the application justified within the legal timeframe. Consequently, the petition triggered a moratorium, appointing an Insolvency Resolution Professional to oversee the process and submit a report to the Adjudicating Authority for further proceedings. en-us Mon, 31 Jan 2022 00:00:00 +0530 Thu, 10 Feb 2022 08:54:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418168 The Tribunal admitted the application for Corporate Insolvency Resolution Process under Section 7 of the Insolvency & Bankruptcy Code, 2016 against the Corporate Debtor due to default in payments. The Financial Creditor, a NBFC, provided evidence of default, including bounced cheques and non-payment of EMIs, supported by arbitration awards and financial statements. Despite the Corporate Debtor's non-appearance and failure to comply with repayment schedules, the Tribunal found the application justified within the legal timeframe. Consequently, the petition triggered a moratorium, appointing an Insolvency Resolution Professional to oversee the process and submit a report to the Adjudicating Authority for further proceedings. Case-Laws Insolvency and Bankruptcy Mon, 31 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418168