https://www.taxtmi.com/caselaws?id=313496 The NCLT, Ahmedabad admitted the Financial Creditor's application under Section 7 of the IBC, 2016, initiating CIRP against the Corporate Debtor for a default of Rs. 25,99,22,676. The Tribunal appointed an IRP, imposed a moratorium under Section 14(1), and directed the IRP to manage the Corporate Debtor's affairs, ensuring continuity of operations and protection of assets. The order mandated public announcement of CIRP initiation and required the Financial Creditor to advance funds for CIRP proceedings. The application was disposed of in favor of the Financial Creditor, with communication of the order to relevant parties and authorities. en-us Tue, 09 Mar 2021 00:00:00 +0530 Wed, 17 Apr 2024 20:49:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313496 The NCLT, Ahmedabad admitted the Financial Creditor's application under Section 7 of the IBC, 2016, initiating CIRP against the Corporate Debtor for a default of Rs. 25,99,22,676. The Tribunal appointed an IRP, imposed a moratorium under Section 14(1), and directed the IRP to manage the Corporate Debtor's affairs, ensuring continuity of operations and protection of assets. The order mandated public announcement of CIRP initiation and required the Financial Creditor to advance funds for CIRP proceedings. The application was disposed of in favor of the Financial Creditor, with communication of the order to relevant parties and authorities. Case-Laws Insolvency and Bankruptcy Tue, 09 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313496