https://www.taxtmi.com/caselaws?id=196677 The National Company Law Tribunal, New Delhi, ruled in a case involving financial creditors' claim for initiation of the Insolvency Resolution Process under section 7 of the Insolvency & Bankruptcy Code, 2016, against a Corporate Debtor. The Tribunal found that while some debts were not legally recoverable due to lack of supporting documentation, a specific liability of Rs. 10 lakhs was deemed recoverable based on bank records and documents provided. The Corporate Debtor's willingness to settle this amount and submission of a demand draft led to the case being disposed of without further orders, emphasizing the importance of proper documentation in determining debt recoverability. en-us Tue, 25 Apr 2017 00:00:00 +0530 Tue, 12 Dec 2017 08:42:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196677 The National Company Law Tribunal, New Delhi, ruled in a case involving financial creditors' claim for initiation of the Insolvency Resolution Process under section 7 of the Insolvency & Bankruptcy Code, 2016, against a Corporate Debtor. The Tribunal found that while some debts were not legally recoverable due to lack of supporting documentation, a specific liability of Rs. 10 lakhs was deemed recoverable based on bank records and documents provided. The Corporate Debtor's willingness to settle this amount and submission of a demand draft led to the case being disposed of without further orders, emphasizing the importance of proper documentation in determining debt recoverability. Case-Laws Companies Law Tue, 25 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196677