https://www.taxtmi.com/caselaws?id=422395 A High Court order and a pending intervention application did not prevent the NCLT from proceeding with a section 7 insolvency petition, because no legal restraint on invocation of the Insolvency and Bankruptcy Code was shown and recovery-oriented objections could not bar insolvency resolution. The Tribunal held that financial debt and default were established from the agreements, account statements, and the debtor's restructuring proposal, and that the application satisfied the statutory requirements for commencement of CIRP. The proposed Interim Resolution Professional was found eligible and free from disciplinary disability. The petition was admitted, moratorium was ordered, public announcement was directed, and the Interim Resolution Professional was appointed. en-us Wed, 27 Apr 2022 00:00:00 +0530 Sat, 14 May 2022 08:37:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422395 A High Court order and a pending intervention application did not prevent the NCLT from proceeding with a section 7 insolvency petition, because no legal restraint on invocation of the Insolvency and Bankruptcy Code was shown and recovery-oriented objections could not bar insolvency resolution. The Tribunal held that financial debt and default were established from the agreements, account statements, and the debtor's restructuring proposal, and that the application satisfied the statutory requirements for commencement of CIRP. The proposed Interim Resolution Professional was found eligible and free from disciplinary disability. The petition was admitted, moratorium was ordered, public announcement was directed, and the Interim Resolution Professional was appointed. Case-Laws Insolvency and Bankruptcy Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422395