https://www.taxtmi.com/caselaws?id=421755 The Tribunal upheld the Operational Creditor's claim under Section 9 of IBC, 2016, due to non-payment by the Corporate Debtor for invoices related to Crude Palm Oil. The Corporate Debtor admitted the default but failed to clear the outstanding amount, leading to the appointment of an Insolvency Resolution Professional (IRP) and initiation of the Corporate Insolvency Resolution Process (CIRP). A moratorium was declared to protect the Corporate Debtor during the resolution process, with specific compliance and cooperation requirements outlined for the IRP and related parties to ensure effective resolution. en-us Mon, 18 Apr 2022 00:00:00 +0530 Fri, 29 Apr 2022 16:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421755 The Tribunal upheld the Operational Creditor's claim under Section 9 of IBC, 2016, due to non-payment by the Corporate Debtor for invoices related to Crude Palm Oil. The Corporate Debtor admitted the default but failed to clear the outstanding amount, leading to the appointment of an Insolvency Resolution Professional (IRP) and initiation of the Corporate Insolvency Resolution Process (CIRP). A moratorium was declared to protect the Corporate Debtor during the resolution process, with specific compliance and cooperation requirements outlined for the IRP and related parties to ensure effective resolution. Case-Laws Insolvency and Bankruptcy Mon, 18 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421755