https://www.taxtmi.com/caselaws?id=344085 The Tribunal ruled in favor of the Operational Creditor in an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor for non-payment of dues. Despite objections raised by the Corporate Debtor regarding maintainability and ownership of goods, the Tribunal emphasized the substance over form, upheld the application, and appointed an interim insolvency professional. The Tribunal clarified that dispute resolution clauses do not hinder insolvency proceedings and that a pending winding-up petition does not prevent corporate insolvency resolution. The decision highlights the broad scope of operational debt under the IBC 2016 and the importance of timely payment obligations. en-us Fri, 21 Apr 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344085 The Tribunal ruled in favor of the Operational Creditor in an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor for non-payment of dues. Despite objections raised by the Corporate Debtor regarding maintainability and ownership of goods, the Tribunal emphasized the substance over form, upheld the application, and appointed an interim insolvency professional. The Tribunal clarified that dispute resolution clauses do not hinder insolvency proceedings and that a pending winding-up petition does not prevent corporate insolvency resolution. The decision highlights the broad scope of operational debt under the IBC 2016 and the importance of timely payment obligations. Case-Laws Insolvency and Bankruptcy Fri, 21 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344085