https://www.taxtmi.com/caselaws?id=418585 The Tribunal admitted the petition under Section 7 of the Insolvency and Bankruptcy Code, initiating Corporate Insolvency Resolution Process against the Corporate Debtor due to an alleged default in settling a significant amount. The Tribunal confirmed the existence of financial debt and default, disregarding disputes between parties once these elements were established. Despite the Corporate Debtor's name being struck off from the Register of Companies, the Tribunal ruled the petition maintainable. The contention of a third party's involvement in debt repayment was dismissed due to lack of evidence. An Interim Resolution Professional was appointed, and a moratorium was declared, prohibiting certain actions against the Corporate Debtor. en-us Fri, 11 Feb 2022 00:00:00 +0530 Mon, 21 Feb 2022 08:17:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418585 The Tribunal admitted the petition under Section 7 of the Insolvency and Bankruptcy Code, initiating Corporate Insolvency Resolution Process against the Corporate Debtor due to an alleged default in settling a significant amount. The Tribunal confirmed the existence of financial debt and default, disregarding disputes between parties once these elements were established. Despite the Corporate Debtor's name being struck off from the Register of Companies, the Tribunal ruled the petition maintainable. The contention of a third party's involvement in debt repayment was dismissed due to lack of evidence. An Interim Resolution Professional was appointed, and a moratorium was declared, prohibiting certain actions against the Corporate Debtor. Case-Laws Insolvency and Bankruptcy Fri, 11 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418585