https://www.taxtmi.com/caselaws?id=427595 An application under section 7 of the Insolvency and Bankruptcy Code was found maintainable where the Corporate Debtor had admitted liability and default in its reply and settlement correspondence, and where acknowledgments in financial statements supported a subsisting debt within limitation. On that basis, the petition was admitted and corporate insolvency resolution process was ordered, with appointment of an Interim Resolution Professional. The Bench also stated that it had no power to direct the Financial Creditor to accept the Corporate Debtor's one-time settlement proposal, so that request was rejected. en-us Tue, 06 Sep 2022 00:00:00 +0530 Tue, 13 Sep 2022 06:47:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427595 An application under section 7 of the Insolvency and Bankruptcy Code was found maintainable where the Corporate Debtor had admitted liability and default in its reply and settlement correspondence, and where acknowledgments in financial statements supported a subsisting debt within limitation. On that basis, the petition was admitted and corporate insolvency resolution process was ordered, with appointment of an Interim Resolution Professional. The Bench also stated that it had no power to direct the Financial Creditor to accept the Corporate Debtor's one-time settlement proposal, so that request was rejected. Case-Laws Insolvency and Bankruptcy Tue, 06 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427595