https://www.taxtmi.com/highlights?id=64982 Initiation of CIRP - The Adjudicating Authority (NCLT’s) couched with the powers to be exercisable as enshrined in the I&B Code, 2016. For the purpose of entertaining Sections 7, 9 or 10, of the I&B Code, the Adjudicating Authority has to see whether debt is payable on the part of the Corporate Debtor and committed default. In such cases, the Adjudicating Authority invariably admit the application under the above provisions of law. - This Tribunal is of the view that in the present case, the debt and default has been proved and the Adjudicating Authority rightly admitted the Application under Section 7. - AT en-us Fri, 05 Aug 2022 08:55:32 +0530 Fri, 05 Aug 2022 08:55:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=64982 Initiation of CIRP - The Adjudicating Authority (NCLT’s) couched with the powers to be exercisable as enshrined in the I&B Code, 2016. For the purpose of entertaining Sections 7, 9 or 10, of the I&B Code, the Adjudicating Authority has to see whether debt is payable on the part of the Corporate Debtor and committed default. In such cases, the Adjudicating Authority invariably admit the application under the above provisions of law. - This Tribunal is of the view that in the present case, the debt and default has been proved and the Adjudicating Authority rightly admitted the Application under Section 7. - AT Highlights Insolvency and Bankruptcy Fri, 05 Aug 2022 08:55:32 +0530 https://www.taxtmi.com/highlights?id=64982