https://www.taxtmi.com/caselaws?id=422733 The Tribunal upheld the Adjudicating Authority's decision to admit the Section 7 Application under the Insolvency and Bankruptcy Code, 2016. The Tribunal determined that the Financial Creditor was justified in proceeding under Section 7 due to a default on a scheduled payment as per the terms of the OTS dated 28.05.2020, which included a Default Clause allowing action upon default. The Tribunal dismissed the appeal, emphasizing the Bank's right to pursue remedies under the law following the default on 30.06.2020. en-us Thu, 19 May 2022 00:00:00 +0530 Fri, 20 May 2022 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422733 The Tribunal upheld the Adjudicating Authority's decision to admit the Section 7 Application under the Insolvency and Bankruptcy Code, 2016. The Tribunal determined that the Financial Creditor was justified in proceeding under Section 7 due to a default on a scheduled payment as per the terms of the OTS dated 28.05.2020, which included a Default Clause allowing action upon default. The Tribunal dismissed the appeal, emphasizing the Bank's right to pursue remedies under the law following the default on 30.06.2020. Case-Laws Insolvency and Bankruptcy Thu, 19 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422733