https://www.taxtmi.com/caselaws?id=382768 The Tribunal dismissed the Miscellaneous Application, ruling that the Applicant, ICICI Bank Limited, was not a Financial Creditor of the Corporate Debtor under the Insolvency & Bankruptcy Code. The Corporate Debtor's liability was confined to the pledge of shares, already fulfilled, and the Applicant's claim was rejected. The delay in filing the application was condoned due to ongoing liquidation proceedings and the Applicant's active pursuit of the claim. The Tribunal emphasized that the Corporate Debtor's role was limited to collateral security, not a financial debt, leading to the rejection of the Applicant's claim. en-us Mon, 06 May 2019 00:00:00 +0530 Wed, 10 Jul 2019 07:49:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382768 The Tribunal dismissed the Miscellaneous Application, ruling that the Applicant, ICICI Bank Limited, was not a Financial Creditor of the Corporate Debtor under the Insolvency & Bankruptcy Code. The Corporate Debtor's liability was confined to the pledge of shares, already fulfilled, and the Applicant's claim was rejected. The delay in filing the application was condoned due to ongoing liquidation proceedings and the Applicant's active pursuit of the claim. The Tribunal emphasized that the Corporate Debtor's role was limited to collateral security, not a financial debt, leading to the rejection of the Applicant's claim. Case-Laws Insolvency and Bankruptcy Mon, 06 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382768