https://www.taxtmi.com/caselaws?id=427683 The Tribunal determined that the failure to refund the refundable security deposit constituted an 'operational debt' under the Insolvency and Bankruptcy Code, 2016. The applicant, an Operational Creditor, was deemed eligible to maintain the application against the Corporate Debtor. As the Corporate Debtor did not respond and failed to repay the debt, it was admitted into Corporate Insolvency Resolution Process. An Interim Resolution Professional was appointed, and a moratorium was declared to protect the Corporate Debtor. The Tribunal directed compliance with the IBC, 2016 provisions and instructed necessary actions for the resolution process. en-us Fri, 12 Aug 2022 00:00:00 +0530 Wed, 14 Sep 2022 21:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427683 The Tribunal determined that the failure to refund the refundable security deposit constituted an 'operational debt' under the Insolvency and Bankruptcy Code, 2016. The applicant, an Operational Creditor, was deemed eligible to maintain the application against the Corporate Debtor. As the Corporate Debtor did not respond and failed to repay the debt, it was admitted into Corporate Insolvency Resolution Process. An Interim Resolution Professional was appointed, and a moratorium was declared to protect the Corporate Debtor. The Tribunal directed compliance with the IBC, 2016 provisions and instructed necessary actions for the resolution process. Case-Laws Insolvency and Bankruptcy Fri, 12 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427683