Customs Broker association membership becomes mandatory in the operating jurisdiction, with exclusive membership and limited compliance-time relaxatio...
Insolvency and BankruptcyJune 22, 2024Case LawsTri
The Tribunal addressed the maintainability of an application for initiation of Corporate Insolvency Resolution Process (CIRP) by an Operational Creditor (OC) against a Corporate Debtor (CD). The OC claimed default in payment by the CD but failed to provide invoices as evidence. Despite a demand notice under Section 8 of the IBC and a bank statement showing a partial payment, the Tribunal found the application time-barred as it was filed beyond the three-year limitation period from the alleged default date. The Tribunal emphasized the importance of proving debt and default before initiating CIRP, ultimately rejecting the application under Section 9 of the IBC.
The Tribunal addressed the maintainability of an application for initiation of Corporate Insolvency Resolution Process (CIRP) by an Operational Creditor (OC) against a Corporate Debtor (CD). The OC claimed default in payment by the CD but failed to provide invoices as evidence. Despite a demand notice under Section 8 of the IBC and a bank statement showing a partial payment, the Tribunal found the application time-barred as it was filed beyond the three-year limitation period from the alleged default date. The Tribunal emphasized the importance of proving debt and default before initiating CIRP, ultimately rejecting the application under Section 9 of the IBC.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
