https://www.taxtmi.com/caselaws?id=424646 The National Company Law Tribunal, Chandigarh Bench, admitted the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by a Financial Creditor against a Corporate Debtor. The petition demonstrated default in payment, leading to the appointment of an Interim Resolution Professional (IRP) and declaration of a moratorium under Section 14 of the Code. The IRP was tasked with forming a Committee of Creditors, overseeing the resolution process, and ensuring the Financial Creditor deposited funds for expenses. The case concluded with the direction for the Financial Creditor to make the necessary deposit, signaling the initiation of the Corporate Insolvency Resolution Process. en-us Mon, 04 Jul 2022 00:00:00 +0530 Wed, 06 Jul 2022 08:12:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424646 The National Company Law Tribunal, Chandigarh Bench, admitted the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by a Financial Creditor against a Corporate Debtor. The petition demonstrated default in payment, leading to the appointment of an Interim Resolution Professional (IRP) and declaration of a moratorium under Section 14 of the Code. The IRP was tasked with forming a Committee of Creditors, overseeing the resolution process, and ensuring the Financial Creditor deposited funds for expenses. The case concluded with the direction for the Financial Creditor to make the necessary deposit, signaling the initiation of the Corporate Insolvency Resolution Process. Case-Laws Insolvency and Bankruptcy Mon, 04 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424646