https://www.taxtmi.com/caselaws?id=430032 The National Company Law Tribunal, Chandigarh Bench, admitted Punjab National Bank's petition to initiate the Corporate Insolvency Resolution Process against a company due to defaults in payment, leading to the declaration of the corporate debtor as a Non-Performing Asset. Mr. Hemanshu Jetley was appointed as the Interim Resolution Professional to oversee the resolution process. The Tribunal admitted the petition based on established defaults and declared a moratorium under Section 14 of the Insolvency and Bankruptcy Code, imposing restrictions on legal actions and asset transactions. The judgment ensures compliance with legal provisions and facilitates the resolution process. en-us Fri, 04 Nov 2022 00:00:00 +0530 Thu, 10 Nov 2022 09:05:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430032 The National Company Law Tribunal, Chandigarh Bench, admitted Punjab National Bank's petition to initiate the Corporate Insolvency Resolution Process against a company due to defaults in payment, leading to the declaration of the corporate debtor as a Non-Performing Asset. Mr. Hemanshu Jetley was appointed as the Interim Resolution Professional to oversee the resolution process. The Tribunal admitted the petition based on established defaults and declared a moratorium under Section 14 of the Insolvency and Bankruptcy Code, imposing restrictions on legal actions and asset transactions. The judgment ensures compliance with legal provisions and facilitates the resolution process. Case-Laws Insolvency and Bankruptcy Fri, 04 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430032