https://www.taxtmi.com/caselaws?id=375339 The Tribunal dismissed the petition seeking initiation of Corporate Insolvency Resolution Process against the respondent company as the petitioners did not satisfy the requirements of being 'financial creditors' under the Insolvency and Bankruptcy Code. The Tribunal found that no default had occurred as the amount was not due and payable until the petitioners fulfilled their obligations. Therefore, the Tribunal concluded that the petitioners did not meet the criteria for initiating the CIRP and dismissed the petition without expressing any opinion on the underlying controversy. en-us Wed, 02 Jan 2019 00:00:00 +0530 Mon, 18 Feb 2019 06:35:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375339 The Tribunal dismissed the petition seeking initiation of Corporate Insolvency Resolution Process against the respondent company as the petitioners did not satisfy the requirements of being 'financial creditors' under the Insolvency and Bankruptcy Code. The Tribunal found that no default had occurred as the amount was not due and payable until the petitioners fulfilled their obligations. Therefore, the Tribunal concluded that the petitioners did not meet the criteria for initiating the CIRP and dismissed the petition without expressing any opinion on the underlying controversy. Case-Laws Insolvency and Bankruptcy Wed, 02 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375339