https://www.taxtmi.com/caselaws?id=344609 The tribunal upheld the Adjudicating Authority's decision to reject the application for initiation of Corporate Insolvency Resolution Process due to the appellant's failure to comply with the mandatory requirement of filing a certificate from a Financial Institution confirming non-payment of operational debt by the Corporate Debtor as prescribed under Section 9(3)(c) of the Insolvency and Bankruptcy Code. The tribunal emphasized the importance of adhering to statutory requirements and clarified that such provisions are mandatory, not merely procedural formalities. The appeal was dismissed, and the tribunal highlighted alternative remedies available for foreign creditors in debt recovery from Indian Corporate Debtors. en-us Fri, 19 May 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344609 The tribunal upheld the Adjudicating Authority's decision to reject the application for initiation of Corporate Insolvency Resolution Process due to the appellant's failure to comply with the mandatory requirement of filing a certificate from a Financial Institution confirming non-payment of operational debt by the Corporate Debtor as prescribed under Section 9(3)(c) of the Insolvency and Bankruptcy Code. The tribunal emphasized the importance of adhering to statutory requirements and clarified that such provisions are mandatory, not merely procedural formalities. The appeal was dismissed, and the tribunal highlighted alternative remedies available for foreign creditors in debt recovery from Indian Corporate Debtors. Case-Laws Insolvency and Bankruptcy Fri, 19 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344609