https://www.taxtmi.com/caselaws?id=304507 The Tribunal found in favor of the Financial Creditor, admitting the Company Petition and initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Tribunal established the existence of "debt" and "default," ordering the appointment of an Interim Resolution Professional (IRP) and outlining the necessary steps for the CIRP, including the prohibition of suits and continuation of essential services. The Tribunal dismissed the Corporate Debtor's arguments regarding insufficient stamping of the letter of guarantee, validity of the letter of guarantee, and the claim of the entire amount without deducting the value of securities. en-us Fri, 11 Mar 2022 00:00:00 +0530 Thu, 29 Sep 2022 09:39:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304507 The Tribunal found in favor of the Financial Creditor, admitting the Company Petition and initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Tribunal established the existence of "debt" and "default," ordering the appointment of an Interim Resolution Professional (IRP) and outlining the necessary steps for the CIRP, including the prohibition of suits and continuation of essential services. The Tribunal dismissed the Corporate Debtor's arguments regarding insufficient stamping of the letter of guarantee, validity of the letter of guarantee, and the claim of the entire amount without deducting the value of securities. Case-Laws Insolvency and Bankruptcy Fri, 11 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304507