https://www.taxtmi.com/caselaws?id=420344 The Tribunal admitted the petition, declaring a moratorium under Section 14 of the Insolvency and Bankruptcy Code. Ms. Sumana Rao was appointed as the Interim Resolution Professional (IRP) to oversee the process, including forming the Committee of Creditors and submitting progress reports. The moratorium prohibits legal actions against the Corporate Debtor, such as suits and asset transfers. The Tribunal found the petition valid for the retention amount related to the Nitesh Logos project, as the debt was established, and no pre-existing disputes existed. en-us Wed, 23 Mar 2022 00:00:00 +0530 Fri, 01 Apr 2022 08:32:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420344 The Tribunal admitted the petition, declaring a moratorium under Section 14 of the Insolvency and Bankruptcy Code. Ms. Sumana Rao was appointed as the Interim Resolution Professional (IRP) to oversee the process, including forming the Committee of Creditors and submitting progress reports. The moratorium prohibits legal actions against the Corporate Debtor, such as suits and asset transfers. The Tribunal found the petition valid for the retention amount related to the Nitesh Logos project, as the debt was established, and no pre-existing disputes existed. Case-Laws Insolvency and Bankruptcy Wed, 23 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420344