https://www.taxtmi.com/caselaws?id=351460 The Tribunal rejected the petition to initiate Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016, ruling that the claim did not qualify as a financial debt or an unsecured loan repayable on demand. The transaction in question was part of the Margin Money requirement for a bank loan to set up the business, and the actions of the Financial Creditor were deemed driven by personal vendetta. The Tribunal emphasized that initiating insolvency proceedings based on such grounds was inappropriate, imposing costs of Rs. 25,000 on the Respondent Company. en-us Mon, 23 Oct 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351460 The Tribunal rejected the petition to initiate Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016, ruling that the claim did not qualify as a financial debt or an unsecured loan repayable on demand. The transaction in question was part of the Margin Money requirement for a bank loan to set up the business, and the actions of the Financial Creditor were deemed driven by personal vendetta. The Tribunal emphasized that initiating insolvency proceedings based on such grounds was inappropriate, imposing costs of Rs. 25,000 on the Respondent Company. Case-Laws Insolvency and Bankruptcy Mon, 23 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351460