https://www.taxtmi.com/caselaws?id=437441 The National Company Law Appellate Tribunal (NCLAT) upheld the Adjudicating Authority's decision to admit the Section 9 application under the Insolvency and Bankruptcy Code (IBC), initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The appeal by the suspended director of the Corporate Debtor was dismissed, affirming the outstanding liability, admission of debt, and default in payment, leading to the initiation of CIRP. The Tribunal also ordered the Operational Creditor to pay the Resolution Professional's fees and expenses. en-us Thu, 04 May 2023 00:00:00 +0530 Fri, 05 May 2023 22:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437441 The National Company Law Appellate Tribunal (NCLAT) upheld the Adjudicating Authority's decision to admit the Section 9 application under the Insolvency and Bankruptcy Code (IBC), initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The appeal by the suspended director of the Corporate Debtor was dismissed, affirming the outstanding liability, admission of debt, and default in payment, leading to the initiation of CIRP. The Tribunal also ordered the Operational Creditor to pay the Resolution Professional's fees and expenses. Case-Laws Insolvency and Bankruptcy Thu, 04 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437441