https://www.taxtmi.com/caselaws?id=428643 The Tribunal allowed the Company Petition and ordered the initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to default in payment by the Operational Creditor. The Corporate Debtor admitted the default, attributing it to financial losses during the pandemic. The Tribunal found the debt and default were established, with no valid reason for non-payment. The appointment of an Interim Resolution Professional was ordered, along with directives on CIRP costs, moratorium, and procedural steps. Communication of the order to parties and Registrar of Companies, and public announcement of CIRP were mandated. en-us Fri, 16 Sep 2022 00:00:00 +0530 Fri, 07 Oct 2022 13:09:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428643 The Tribunal allowed the Company Petition and ordered the initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to default in payment by the Operational Creditor. The Corporate Debtor admitted the default, attributing it to financial losses during the pandemic. The Tribunal found the debt and default were established, with no valid reason for non-payment. The appointment of an Interim Resolution Professional was ordered, along with directives on CIRP costs, moratorium, and procedural steps. Communication of the order to parties and Registrar of Companies, and public announcement of CIRP were mandated. Case-Laws Insolvency and Bankruptcy Fri, 16 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428643