https://www.taxtmi.com/caselaws?id=425991 The Tribunal concluded that the Respondents qualified as Financial Creditors under the I&B Code, 2016 based on loan agreements and financial transactions. It confirmed the existence of a debt and default amounting to Rs.34,73,54,802/- supported by records. Allegations of collusion and fraud were dismissed as the focus was on debt payment and default. The Tribunal found no merit in penalizing the Respondents under Section 65 of the I&B Code, 2016. The application for initiation of CIRP under Section 7 was deemed admissible, leading to the dismissal of the Appeal and upholding of the Adjudicating Authority's order. en-us Tue, 02 Aug 2022 00:00:00 +0530 Fri, 05 Aug 2022 08:55:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425991 The Tribunal concluded that the Respondents qualified as Financial Creditors under the I&B Code, 2016 based on loan agreements and financial transactions. It confirmed the existence of a debt and default amounting to Rs.34,73,54,802/- supported by records. Allegations of collusion and fraud were dismissed as the focus was on debt payment and default. The Tribunal found no merit in penalizing the Respondents under Section 65 of the I&B Code, 2016. The application for initiation of CIRP under Section 7 was deemed admissible, leading to the dismissal of the Appeal and upholding of the Adjudicating Authority's order. Case-Laws Insolvency and Bankruptcy Tue, 02 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425991