https://www.taxtmi.com/caselaws?id=422398 A contractual pledge mechanism did not bar an operational creditor from invoking insolvency remedies, because the pawnee's rights under the Indian Contract Act remained concurrent with the right to sue on the debt or sell pledged goods on notice. The existence of a sale notice or pledge enforcement did not extinguish the statutory remedy under the Insolvency and Bankruptcy Code. On the facts, an operational debt and default were established, the dispute over quantum did not amount to a disqualifying pre-existing dispute, and the arbitration clause did not oust jurisdiction. The company petition was admitted, CIRP commenced, moratorium was declared, and an interim resolution professional was appointed. en-us Wed, 27 Apr 2022 00:00:00 +0530 Sat, 14 May 2022 08:37:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422398 A contractual pledge mechanism did not bar an operational creditor from invoking insolvency remedies, because the pawnee's rights under the Indian Contract Act remained concurrent with the right to sue on the debt or sell pledged goods on notice. The existence of a sale notice or pledge enforcement did not extinguish the statutory remedy under the Insolvency and Bankruptcy Code. On the facts, an operational debt and default were established, the dispute over quantum did not amount to a disqualifying pre-existing dispute, and the arbitration clause did not oust jurisdiction. The company petition was admitted, CIRP commenced, moratorium was declared, and an interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422398