https://www.taxtmi.com/caselaws?id=370215 A subsequent Section 7 insolvency petition was not maintainable where a winding-up proceeding against the corporate debtor had already been admitted by the High Court and was still pending, with admission and advertisement steps already taken. The Tribunal treated the earlier winding-up process as the controlling proceeding because it had progressed beyond filing and had not been transferred, and it found that parallel insolvency action would create multiplicity of proceedings and conflict between forums. Creditors were therefore required to pursue their claims in the existing winding-up proceeding rather than start a fresh insolvency resolution process. The petition was dismissed. en-us Wed, 10 Oct 2018 00:00:00 +0530 Thu, 31 Jan 2019 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370215 A subsequent Section 7 insolvency petition was not maintainable where a winding-up proceeding against the corporate debtor had already been admitted by the High Court and was still pending, with admission and advertisement steps already taken. The Tribunal treated the earlier winding-up process as the controlling proceeding because it had progressed beyond filing and had not been transferred, and it found that parallel insolvency action would create multiplicity of proceedings and conflict between forums. Creditors were therefore required to pursue their claims in the existing winding-up proceeding rather than start a fresh insolvency resolution process. The petition was dismissed. Case-Laws Insolvency and Bankruptcy Wed, 10 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370215