https://www.taxtmi.com/caselaws?id=378292 The Tribunal dismissed the Company Petition, finding it not maintainable under the Insolvency and Bankruptcy Code (IBC) due to the petitioner's failure to comply with procedural requirements and establish operational debt. The Tribunal noted discrepancies in the petitioner's claims, lack of timely and substantiated claims, and misuse of the IBC for recovery purposes. Emphasizing that the IBC is for initiating Corporate Insolvency Resolution Process (CIRP), the Tribunal ruled the petition lacked merit for CIRP initiation and was dismissed without costs. en-us Tue, 19 Feb 2019 00:00:00 +0530 Fri, 12 Apr 2019 05:09:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378292 The Tribunal dismissed the Company Petition, finding it not maintainable under the Insolvency and Bankruptcy Code (IBC) due to the petitioner's failure to comply with procedural requirements and establish operational debt. The Tribunal noted discrepancies in the petitioner's claims, lack of timely and substantiated claims, and misuse of the IBC for recovery purposes. Emphasizing that the IBC is for initiating Corporate Insolvency Resolution Process (CIRP), the Tribunal ruled the petition lacked merit for CIRP initiation and was dismissed without costs. Case-Laws Insolvency and Bankruptcy Tue, 19 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378292