https://www.taxtmi.com/caselaws?id=439884 The Adjudicating Authority upheld the order admitting the Section 7 Application under the Insolvency and Bankruptcy Code, 2016, filed by the Financial Creditor against the Corporate Debtor. The challenge by the suspended director of the Corporate Debtor was dismissed, affirming the liability under the Factoring Agreement. The Tribunal determined the outstanding debt of Rs. 4,52,13,711.60/- as of 28.01.2019, directing the Appellant to pay this amount with interest at 14.50% p.a. within three months, failing which further insolvency proceedings would be initiated. en-us Tue, 04 Jul 2023 00:00:00 +0530 Tue, 04 Jul 2023 22:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439884 The Adjudicating Authority upheld the order admitting the Section 7 Application under the Insolvency and Bankruptcy Code, 2016, filed by the Financial Creditor against the Corporate Debtor. The challenge by the suspended director of the Corporate Debtor was dismissed, affirming the liability under the Factoring Agreement. The Tribunal determined the outstanding debt of Rs. 4,52,13,711.60/- as of 28.01.2019, directing the Appellant to pay this amount with interest at 14.50% p.a. within three months, failing which further insolvency proceedings would be initiated. Case-Laws Insolvency and Bankruptcy Tue, 04 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439884