https://www.taxtmi.com/caselaws?id=427685 The Tribunal found in favor of the Financial Creditor in the case, ruling that the Power of Attorney and Board Resolution authorizing the initiation of Corporate Insolvency Resolution Process (CIRP) were valid. The date of default was determined to be crucial, not the date of Non-Performing Asset (NPA) classification. The petition was considered timely filed within the limitation period due to an acknowledgment of debt by the Corporate Debtor. Consequently, the Tribunal admitted the petition, initiated CIRP, declared a moratorium, and appointed an Interim Resolution Professional. en-us Mon, 12 Sep 2022 00:00:00 +0530 Thu, 15 Sep 2022 07:49:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427685 The Tribunal found in favor of the Financial Creditor in the case, ruling that the Power of Attorney and Board Resolution authorizing the initiation of Corporate Insolvency Resolution Process (CIRP) were valid. The date of default was determined to be crucial, not the date of Non-Performing Asset (NPA) classification. The petition was considered timely filed within the limitation period due to an acknowledgment of debt by the Corporate Debtor. Consequently, the Tribunal admitted the petition, initiated CIRP, declared a moratorium, and appointed an Interim Resolution Professional. Case-Laws Insolvency and Bankruptcy Mon, 12 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427685