https://www.taxtmi.com/caselaws?id=304326 The application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 for a default amount of Rs. 2,00,88,434/- was successful. Despite the absence of representation from the corporate debtor, the debt exceeded the threshold for insolvency proceedings, leading to the appointment of an Interim Resolution Professional (IRP) and initiation of the Corporate Insolvency Resolution Process (CIRP). The moratorium under Section 14 of the Code was implemented, prohibiting suits against the Corporate Debtor. Essential supplies were to continue, and the IRP's duties included managing operations. Financial Creditors were required to pay advance fees to the IRP, and further proceedings were scheduled. en-us Sun, 05 Sep 2021 00:00:00 +0530 Wed, 21 Sep 2022 07:37:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304326 The application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 for a default amount of Rs. 2,00,88,434/- was successful. Despite the absence of representation from the corporate debtor, the debt exceeded the threshold for insolvency proceedings, leading to the appointment of an Interim Resolution Professional (IRP) and initiation of the Corporate Insolvency Resolution Process (CIRP). The moratorium under Section 14 of the Code was implemented, prohibiting suits against the Corporate Debtor. Essential supplies were to continue, and the IRP's duties included managing operations. Financial Creditors were required to pay advance fees to the IRP, and further proceedings were scheduled. Case-Laws Insolvency and Bankruptcy Sun, 05 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304326