https://www.taxtmi.com/caselaws?id=370760 The Supreme Court set aside the order admitting the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, finding the claim of arrears of salary since 1998 lacked adequate explanation and was time-barred. The Court emphasized the necessity of a pre-existing dispute to initiate insolvency proceedings, rendering the application unsustainable due to the unexplained delay in raising the claim. The Corporate Debtor was released from insolvency proceedings, and the Adjudicating Authority was tasked with determining the Resolution Professional's fees, to be borne by the Corporate Debtor. en-us Mon, 16 Jul 2018 00:00:00 +0530 Fri, 23 Nov 2018 09:37:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370760 The Supreme Court set aside the order admitting the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, finding the claim of arrears of salary since 1998 lacked adequate explanation and was time-barred. The Court emphasized the necessity of a pre-existing dispute to initiate insolvency proceedings, rendering the application unsustainable due to the unexplained delay in raising the claim. The Corporate Debtor was released from insolvency proceedings, and the Adjudicating Authority was tasked with determining the Resolution Professional's fees, to be borne by the Corporate Debtor. Case-Laws Insolvency and Bankruptcy Mon, 16 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370760