https://www.taxtmi.com/caselaws?id=424809 The Tribunal admitted the petition under Section 9 of the Insolvency and Bankruptcy Code against the Corporate Debtor, declaring a moratorium and appointing an Interim Resolution Professional. The Tribunal found the Operational Creditor demonstrated the existence of an outstanding debt and default, rejecting the Corporate Debtor's claims of pre-existing disputes. The Corporate Debtor's solvency did not prevent the initiation of Corporate Insolvency Resolution Process, emphasizing that the IBC aims at resolving insolvency, not disputed claims. The IRP was directed to convene a meeting of the Committee of Creditors and submit a resolution plan within 105 days. en-us Tue, 05 Jul 2022 00:00:00 +0530 Sat, 09 Jul 2022 08:01:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424809 The Tribunal admitted the petition under Section 9 of the Insolvency and Bankruptcy Code against the Corporate Debtor, declaring a moratorium and appointing an Interim Resolution Professional. The Tribunal found the Operational Creditor demonstrated the existence of an outstanding debt and default, rejecting the Corporate Debtor's claims of pre-existing disputes. The Corporate Debtor's solvency did not prevent the initiation of Corporate Insolvency Resolution Process, emphasizing that the IBC aims at resolving insolvency, not disputed claims. The IRP was directed to convene a meeting of the Committee of Creditors and submit a resolution plan within 105 days. Case-Laws Insolvency and Bankruptcy Tue, 05 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424809