https://www.taxtmi.com/caselaws?id=195250 An application under section 10 of the Insolvency and Bankruptcy Code may be refused where it is used primarily to obtain the section 14 moratorium and obstruct secured creditors' recovery action. The tribunal found that the corporate debtor's liabilities and the pending SARFAESI enforcement against mortgaged assets did not justify admission when the filing appeared aimed at stalling repossession and enforcement. Mere compliance with the formal requirements of section 10 was treated as insufficient where the real purpose and bona fides of the petition were suspect, and the request to commence the insolvency resolution process was rejected. en-us Thu, 22 Jun 2017 00:00:00 +0530 Fri, 20 Feb 2026 17:03:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195250 An application under section 10 of the Insolvency and Bankruptcy Code may be refused where it is used primarily to obtain the section 14 moratorium and obstruct secured creditors' recovery action. The tribunal found that the corporate debtor's liabilities and the pending SARFAESI enforcement against mortgaged assets did not justify admission when the filing appeared aimed at stalling repossession and enforcement. Mere compliance with the formal requirements of section 10 was treated as insufficient where the real purpose and bona fides of the petition were suspect, and the request to commence the insolvency resolution process was rejected. Case-Laws Insolvency and Bankruptcy Thu, 22 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195250