https://www.taxtmi.com/caselaws?id=423640 The Adjudicating Authority found the petition complete and compliant with Section 9(5)(i) of the Insolvency and Bankruptcy Code. The petitioner proved the debt and default, with the corporate debtor failing to pay post-demand notice, confirming the undisputed debt. Consequently, the Authority admitted the petition, initiating Corporate Insolvency Resolution Process for Fairwealth Housing Pvt. Ltd. Moratorium under Section 14 was imposed, appointing an Interim Resolution Professional, with specific directions and obligations outlined for compliance with the Code and ethical standards. The petitioner was required to deposit funds for CIRP expenses, to be reimbursed by the Committee of Creditors. Immediate implementation of the order was mandated. en-us Wed, 01 Jun 2022 00:00:00 +0530 Mon, 13 Jun 2022 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423640 The Adjudicating Authority found the petition complete and compliant with Section 9(5)(i) of the Insolvency and Bankruptcy Code. The petitioner proved the debt and default, with the corporate debtor failing to pay post-demand notice, confirming the undisputed debt. Consequently, the Authority admitted the petition, initiating Corporate Insolvency Resolution Process for Fairwealth Housing Pvt. Ltd. Moratorium under Section 14 was imposed, appointing an Interim Resolution Professional, with specific directions and obligations outlined for compliance with the Code and ethical standards. The petitioner was required to deposit funds for CIRP expenses, to be reimbursed by the Committee of Creditors. Immediate implementation of the order was mandated. Case-Laws Insolvency and Bankruptcy Wed, 01 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423640