https://www.taxtmi.com/caselaws?id=423651 The Tribunal admitted the application for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the IBC in favor of the operational creditor. The Corporate Debtor failed to release complete payment for solar rooftop power projects, leading to the dispute. The Tribunal appointed an Insolvency Resolution Professional and imposed a moratorium period. The decision emphasized the absence of a penalty clause, lack of communication of penalties, and completion of work orders despite delays. The Corporate Debtor's claim for compensation was rejected, and compliance directives were issued for record-keeping and updates. en-us Fri, 27 May 2022 00:00:00 +0530 Fri, 10 Jun 2022 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423651 The Tribunal admitted the application for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the IBC in favor of the operational creditor. The Corporate Debtor failed to release complete payment for solar rooftop power projects, leading to the dispute. The Tribunal appointed an Insolvency Resolution Professional and imposed a moratorium period. The decision emphasized the absence of a penalty clause, lack of communication of penalties, and completion of work orders despite delays. The Corporate Debtor's claim for compensation was rejected, and compliance directives were issued for record-keeping and updates. Case-Laws Insolvency and Bankruptcy Fri, 27 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423651