https://www.taxtmi.com/caselaws?id=305853 The Tribunal admitted the petition filed by the Financial Creditor under Section 7 of the IBC, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. A moratorium was declared, prohibiting suits, asset transfers, and recovery actions against the Corporate Debtor. An Interim Resolution Professional (IRP) was appointed to manage the CIRP, with the Financial Creditor directed to pay advance fees. The transactions were deemed financial debt with time value of money, and the Bengal Money-Lenders Act, 1940, was found inapplicable. en-us Wed, 18 Sep 2019 00:00:00 +0530 Wed, 28 Dec 2022 08:18:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305853 The Tribunal admitted the petition filed by the Financial Creditor under Section 7 of the IBC, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. A moratorium was declared, prohibiting suits, asset transfers, and recovery actions against the Corporate Debtor. An Interim Resolution Professional (IRP) was appointed to manage the CIRP, with the Financial Creditor directed to pay advance fees. The transactions were deemed financial debt with time value of money, and the Bengal Money-Lenders Act, 1940, was found inapplicable. Case-Laws Insolvency and Bankruptcy Wed, 18 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305853