https://www.taxtmi.com/caselaws?id=422053 The Tribunal admitted the application for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declaring a moratorium under Section 14 of the Insolvency & Bankruptcy Code. Mr. Bhrugesh Amin was appointed as the Interim Resolution Professional (IRP), and the Financial Creditor was directed to deposit Rs.5,00,000/- with the IRP for CIRP expenses. The Tribunal upheld the Financial Creditor's right to initiate CIRP under Section 7, dismissing the Corporate Debtor's reliance on a previous judgment. Compliance reporting by the Designated Registrar and immediate communication of the order to relevant parties were also ordered. en-us Wed, 04 May 2022 00:00:00 +0530 Sat, 07 May 2022 06:36:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422053 The Tribunal admitted the application for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declaring a moratorium under Section 14 of the Insolvency & Bankruptcy Code. Mr. Bhrugesh Amin was appointed as the Interim Resolution Professional (IRP), and the Financial Creditor was directed to deposit Rs.5,00,000/- with the IRP for CIRP expenses. The Tribunal upheld the Financial Creditor's right to initiate CIRP under Section 7, dismissing the Corporate Debtor's reliance on a previous judgment. Compliance reporting by the Designated Registrar and immediate communication of the order to relevant parties were also ordered. Case-Laws Insolvency and Bankruptcy Wed, 04 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422053