https://www.taxtmi.com/caselaws?id=303713 The Adjudicating Authority admitted the petition filed by Financial Creditors under Sections 7 and 12 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor for defaulting on a significant amount. Evidence of default was provided, and the Corporate Debtor admitted its inability to repay. The petition was found complete and within the limitation period, leading to the admission of the petition and declaration of a moratorium under Section 14. An Interim Resolution Professional was appointed to manage the resolution process, ensuring compliance with the Code and directing the constitution of a Committee of Creditors. en-us Mon, 07 Mar 2022 00:00:00 +0530 Sun, 07 Aug 2022 20:12:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303713 The Adjudicating Authority admitted the petition filed by Financial Creditors under Sections 7 and 12 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor for defaulting on a significant amount. Evidence of default was provided, and the Corporate Debtor admitted its inability to repay. The petition was found complete and within the limitation period, leading to the admission of the petition and declaration of a moratorium under Section 14. An Interim Resolution Professional was appointed to manage the resolution process, ensuring compliance with the Code and directing the constitution of a Committee of Creditors. Case-Laws Insolvency and Bankruptcy Mon, 07 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303713