https://www.taxtmi.com/caselaws?id=303955 The tribunal admitted the petition under Section 9(5) of the IBC, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. A moratorium was imposed, and an Interim Resolution Professional was appointed. The tribunal found the debt and default established, superseding the powers of the Corporate Debtor's Board of Directors. The Operational Creditor was directed to pay expenses to the IRP, and necessary steps were mandated to proceed with the CIRP, citing clear evidence of debt and default as justification for initiating the proceedings. en-us Mon, 06 Jun 2022 00:00:00 +0530 Sat, 27 Aug 2022 08:15:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303955 The tribunal admitted the petition under Section 9(5) of the IBC, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. A moratorium was imposed, and an Interim Resolution Professional was appointed. The tribunal found the debt and default established, superseding the powers of the Corporate Debtor's Board of Directors. The Operational Creditor was directed to pay expenses to the IRP, and necessary steps were mandated to proceed with the CIRP, citing clear evidence of debt and default as justification for initiating the proceedings. Case-Laws Insolvency and Bankruptcy Mon, 06 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303955