https://www.taxtmi.com/caselaws?id=422942 The Tribunal found sufficient evidence of the Corporate Debtor's default in paying operational debt exceeding one crore rupees. Consequently, the application under Section 9 of the I.B. Code was allowed, admitting the Corporate Debtor into Corporate Insolvency Resolution Process. A moratorium under Section 14 of the I.B. Code was declared, appointing an Interim Resolution Professional to manage operations, protect assets, and call for claims submission. The IRP was tasked with ensuring continuity of goods/services supply during the moratorium, with the Operational Creditor directed to provide an advance amount for the resolution process. The application was admitted, and necessary steps were taken to proceed with the resolution process. en-us Wed, 11 May 2022 00:00:00 +0530 Thu, 26 May 2022 08:42:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422942 The Tribunal found sufficient evidence of the Corporate Debtor's default in paying operational debt exceeding one crore rupees. Consequently, the application under Section 9 of the I.B. Code was allowed, admitting the Corporate Debtor into Corporate Insolvency Resolution Process. A moratorium under Section 14 of the I.B. Code was declared, appointing an Interim Resolution Professional to manage operations, protect assets, and call for claims submission. The IRP was tasked with ensuring continuity of goods/services supply during the moratorium, with the Operational Creditor directed to provide an advance amount for the resolution process. The application was admitted, and necessary steps were taken to proceed with the resolution process. Case-Laws Insolvency and Bankruptcy Wed, 11 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422942