https://www.taxtmi.com/caselaws?id=428003 The Tribunal admitted the application under section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process against the Corporate Debtor. A moratorium was declared, an Interim Resolution Professional appointed, and the Financial Creditor instructed to deposit funds for expenses. The acknowledgment of debt within the limitation period was deemed valid, providing a fresh period of limitation and making the petition timely. Multiple proceedings under the SARFAESI Act did not bar the current insolvency proceedings. The Tribunal focused on the default in repayment and acknowledgment of debt, ultimately ruling in favor of the Financial Creditor. en-us Mon, 19 Sep 2022 00:00:00 +0530 Thu, 22 Sep 2022 07:39:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428003 The Tribunal admitted the application under section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process against the Corporate Debtor. A moratorium was declared, an Interim Resolution Professional appointed, and the Financial Creditor instructed to deposit funds for expenses. The acknowledgment of debt within the limitation period was deemed valid, providing a fresh period of limitation and making the petition timely. Multiple proceedings under the SARFAESI Act did not bar the current insolvency proceedings. The Tribunal focused on the default in repayment and acknowledgment of debt, ultimately ruling in favor of the Financial Creditor. Case-Laws Insolvency and Bankruptcy Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428003