https://www.taxtmi.com/caselaws?id=304340 The Bench admitted the Company Petition under Section 7 of the IBC, initiating the CIRP against the Corporate Debtor for defaulting on loans. Despite the Corporate Debtor's claims of fraud in loan sanctioning, the Bench found the debts valid based on financial records and directed repayment. An Insolvency Resolution Professional was appointed, legal actions against the Corporate Debtor were restricted, and a moratorium period enforced. The CIRP process commenced, with management control given to the IRP/RP, and the Registry was ordered to update corporate data and notify all parties. The Interim Application alleging fraudulent intent in the petition was dismissed, upholding the initiation of CIRP. en-us Mon, 20 Sep 2021 00:00:00 +0530 Thu, 22 Sep 2022 07:38:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304340 The Bench admitted the Company Petition under Section 7 of the IBC, initiating the CIRP against the Corporate Debtor for defaulting on loans. Despite the Corporate Debtor's claims of fraud in loan sanctioning, the Bench found the debts valid based on financial records and directed repayment. An Insolvency Resolution Professional was appointed, legal actions against the Corporate Debtor were restricted, and a moratorium period enforced. The CIRP process commenced, with management control given to the IRP/RP, and the Registry was ordered to update corporate data and notify all parties. The Interim Application alleging fraudulent intent in the petition was dismissed, upholding the initiation of CIRP. Case-Laws Insolvency and Bankruptcy Mon, 20 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304340