https://www.taxtmi.com/caselaws?id=442518 The Tribunal upheld the admission of the Corporate Debtor into Corporate Insolvency Resolution Process (CIRP) based on default, deeming the amount as financial debt. It rejected the claim of a party to be treated as a financial creditor, affirming their status as an Operational Creditor. The Tribunal upheld the CoC's decision for liquidation due to lack of operations, emphasizing commercial wisdom. Appeals were dismissed, directing the liquidator to proceed with liquidation and allowing the party to submit their claim. en-us Fri, 01 Sep 2023 00:00:00 +0530 Mon, 04 Sep 2023 08:26:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442518 The Tribunal upheld the admission of the Corporate Debtor into Corporate Insolvency Resolution Process (CIRP) based on default, deeming the amount as financial debt. It rejected the claim of a party to be treated as a financial creditor, affirming their status as an Operational Creditor. The Tribunal upheld the CoC's decision for liquidation due to lack of operations, emphasizing commercial wisdom. Appeals were dismissed, directing the liquidator to proceed with liquidation and allowing the party to submit their claim. Case-Laws Insolvency and Bankruptcy Fri, 01 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442518