https://www.taxtmi.com/caselaws?id=426470 The Tribunal held that the Corporate Debtor, as the proprietor of a sole proprietorship firm, is liable for the firm's debts. A petition under section 7 of the Insolvency and Bankruptcy Code was deemed maintainable as the Corporate Debtor owed the debt of the proprietorship concern. The petition was not barred by limitation as it was filed within the prescribed period. The Memorandum of Understanding was found inapplicable to the Financial Creditor's claims. Consequently, the application under section 7 of the IBC was admitted, a moratorium declared, and an Interim Resolution Professional appointed to manage the Corporate Debtor during the Corporate Insolvency Resolution Process. en-us Thu, 14 Jul 2022 00:00:00 +0530 Wed, 17 Aug 2022 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426470 The Tribunal held that the Corporate Debtor, as the proprietor of a sole proprietorship firm, is liable for the firm's debts. A petition under section 7 of the Insolvency and Bankruptcy Code was deemed maintainable as the Corporate Debtor owed the debt of the proprietorship concern. The petition was not barred by limitation as it was filed within the prescribed period. The Memorandum of Understanding was found inapplicable to the Financial Creditor's claims. Consequently, the application under section 7 of the IBC was admitted, a moratorium declared, and an Interim Resolution Professional appointed to manage the Corporate Debtor during the Corporate Insolvency Resolution Process. Case-Laws Insolvency and Bankruptcy Thu, 14 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426470