https://www.taxtmi.com/caselaws?id=283166 The Tribunal rejected the application for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Despite the existence of operational debt and default, the application was dismissed due to the prohibition in Section 11 of the IBC, which prevents a corporate debtor undergoing CIRP from initiating another insolvency process. The Tribunal emphasized the necessity for legislative clarification to enable corporate debtors in CIRP to recover their receivables, crucial for their survival and revival. The order was forwarded to the Insolvency and Bankruptcy Board of India (IBBI) for further review and recommendations. en-us Thu, 30 Aug 2018 00:00:00 +0530 Wed, 11 Sep 2019 07:38:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283166 The Tribunal rejected the application for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Despite the existence of operational debt and default, the application was dismissed due to the prohibition in Section 11 of the IBC, which prevents a corporate debtor undergoing CIRP from initiating another insolvency process. The Tribunal emphasized the necessity for legislative clarification to enable corporate debtors in CIRP to recover their receivables, crucial for their survival and revival. The order was forwarded to the Insolvency and Bankruptcy Board of India (IBBI) for further review and recommendations. Case-Laws Insolvency and Bankruptcy Thu, 30 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283166