https://www.taxtmi.com/caselaws?id=424493 The Tribunal dismissed the Company Petition seeking to initiate Corporate Insolvency Resolution Process against the Corporate Debtor for defaulting on a payment, citing the suspension provision under Section 10A of the Insolvency and Bankruptcy Code. Despite the occurrence of an "Event of Default," as per the agreement terms, the Tribunal held that the suspension period barred the initiation of insolvency resolution processes for defaults arising within the specified timeframe. Therefore, the Petition was deemed inadmissible and dismissed, with directions to communicate the order to both parties promptly. en-us Fri, 17 Jun 2022 00:00:00 +0530 Sat, 02 Jul 2022 09:11:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424493 The Tribunal dismissed the Company Petition seeking to initiate Corporate Insolvency Resolution Process against the Corporate Debtor for defaulting on a payment, citing the suspension provision under Section 10A of the Insolvency and Bankruptcy Code. Despite the occurrence of an "Event of Default," as per the agreement terms, the Tribunal held that the suspension period barred the initiation of insolvency resolution processes for defaults arising within the specified timeframe. Therefore, the Petition was deemed inadmissible and dismissed, with directions to communicate the order to both parties promptly. Case-Laws Insolvency and Bankruptcy Fri, 17 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424493