https://www.taxtmi.com/caselaws?id=420414 The Tribunal admitted the Company Petition under section 9 of the Insolvency and Bankruptcy Code, 2016, filed by an Operational Creditor against a Corporate Debtor due to the latter's failure to make a substantial payment. Despite acknowledging the debt, the Corporate Debtor did not take concrete steps to settle it, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The Tribunal found the petition legally sound, established the default, and appointed an Interim Resolution Professional to manage the Corporate Debtor's affairs during the CIRP, imposing a moratorium and setting procedural requirements for the resolution process. en-us Fri, 25 Mar 2022 00:00:00 +0530 Sat, 02 Apr 2022 08:34:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420414 The Tribunal admitted the Company Petition under section 9 of the Insolvency and Bankruptcy Code, 2016, filed by an Operational Creditor against a Corporate Debtor due to the latter's failure to make a substantial payment. Despite acknowledging the debt, the Corporate Debtor did not take concrete steps to settle it, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The Tribunal found the petition legally sound, established the default, and appointed an Interim Resolution Professional to manage the Corporate Debtor's affairs during the CIRP, imposing a moratorium and setting procedural requirements for the resolution process. Case-Laws Insolvency and Bankruptcy Fri, 25 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420414