https://www.taxtmi.com/caselaws?id=422393 The National Company Law Tribunal, Bengaluru Bench, initiated the Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016, against a real estate developer Corporate Debtor for defaulting on Rs. 7,48,37,351 in a project. The Corporate Debtor admitted to the debt and default, citing financial constraints for project delays. An Interim Resolution Professional was appointed, and the Committee of Creditors was directed to be constituted within a specified timeframe to oversee the resolution process. en-us Tue, 26 Apr 2022 00:00:00 +0530 Sat, 14 May 2022 08:37:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422393 The National Company Law Tribunal, Bengaluru Bench, initiated the Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016, against a real estate developer Corporate Debtor for defaulting on Rs. 7,48,37,351 in a project. The Corporate Debtor admitted to the debt and default, citing financial constraints for project delays. An Interim Resolution Professional was appointed, and the Committee of Creditors was directed to be constituted within a specified timeframe to oversee the resolution process. Case-Laws Insolvency and Bankruptcy Tue, 26 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422393