https://www.taxtmi.com/caselaws?id=367794 The Tribunal dismissed the application for initiating the Corporate Insolvency Resolution Process against M/s. Jee Kay Polychem Private Limited. The applicants, Mr. Arvind Kumar Garg and Mrs. Anita Garg, failed to prove they were financial creditors as defined under the Insolvency and Bankruptcy Code, 2016. Insufficient evidence was presented to demonstrate that the debt was disbursed against the consideration for the time value of money. Consequently, the application under Section 7 of the Code was deemed not maintainable. The Tribunal clarified that this dismissal should not prejudice the applicants' rights before any other forum. en-us Tue, 21 Aug 2018 00:00:00 +0530 Wed, 26 Sep 2018 08:48:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367794 The Tribunal dismissed the application for initiating the Corporate Insolvency Resolution Process against M/s. Jee Kay Polychem Private Limited. The applicants, Mr. Arvind Kumar Garg and Mrs. Anita Garg, failed to prove they were financial creditors as defined under the Insolvency and Bankruptcy Code, 2016. Insufficient evidence was presented to demonstrate that the debt was disbursed against the consideration for the time value of money. Consequently, the application under Section 7 of the Code was deemed not maintainable. The Tribunal clarified that this dismissal should not prejudice the applicants' rights before any other forum. Case-Laws Insolvency and Bankruptcy Tue, 21 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367794