https://www.taxtmi.com/caselaws?id=428007 The tribunal upheld the decision to liquidate the Corporate Debtor, dismissing appeals and confirming previous orders. It found the Letter of Guarantee, despite stamping issues, supported by other evidence. IL&FS was deemed a Financial Creditor, allowing initiation of proceedings. The loan transaction nature was not circular, and malafide intent in the Section 7 Application was refuted. The CoC's resolution to liquidate the Debtor was upheld under IBC provisions, with no flaws identified. en-us Tue, 20 Sep 2022 00:00:00 +0530 Wed, 28 Sep 2022 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428007 The tribunal upheld the decision to liquidate the Corporate Debtor, dismissing appeals and confirming previous orders. It found the Letter of Guarantee, despite stamping issues, supported by other evidence. IL&FS was deemed a Financial Creditor, allowing initiation of proceedings. The loan transaction nature was not circular, and malafide intent in the Section 7 Application was refuted. The CoC's resolution to liquidate the Debtor was upheld under IBC provisions, with no flaws identified. Case-Laws Insolvency and Bankruptcy Tue, 20 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428007