https://www.taxtmi.com/caselaws?id=431498 The Tribunal affirmed the Adjudicating Authority's decision to admit the application filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016. The appeal by the Suspended Board of Director of the Corporate Debtor was dismissed, with the Tribunal finding no legal flaws in the Adjudicating Authority's order. The Tribunal emphasized the importance of default under the Code and the summary nature of insolvency proceedings, stating that a weak or unsupported defense by the Corporate Debtor is insufficient. The connected pending applications for urgent listing and stay were also closed. en-us Tue, 13 Dec 2022 00:00:00 +0530 Thu, 15 Dec 2022 09:30:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431498 The Tribunal affirmed the Adjudicating Authority's decision to admit the application filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016. The appeal by the Suspended Board of Director of the Corporate Debtor was dismissed, with the Tribunal finding no legal flaws in the Adjudicating Authority's order. The Tribunal emphasized the importance of default under the Code and the summary nature of insolvency proceedings, stating that a weak or unsupported defense by the Corporate Debtor is insufficient. The connected pending applications for urgent listing and stay were also closed. Case-Laws Insolvency and Bankruptcy Tue, 13 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431498