https://www.taxtmi.com/caselaws?id=386288 An application under section 9 of the Insolvency and Bankruptcy Code must be founded on a clear, satisfactorily proved operational debt that is due and unpaid. Where the bill, demand notice, and supporting records show inconsistent amounts, and the documentary basis for the principal liability is not established, the claim does not meet the admission threshold. The Code cannot be used as a recovery tool for an unsubstantiated alleged outstanding amount. On the material described, the section 9 application was not fit for admission and was liable to be dismissed. en-us Fri, 05 Jul 2019 00:00:00 +0530 Fri, 08 Nov 2024 14:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386288 An application under section 9 of the Insolvency and Bankruptcy Code must be founded on a clear, satisfactorily proved operational debt that is due and unpaid. Where the bill, demand notice, and supporting records show inconsistent amounts, and the documentary basis for the principal liability is not established, the claim does not meet the admission threshold. The Code cannot be used as a recovery tool for an unsubstantiated alleged outstanding amount. On the material described, the section 9 application was not fit for admission and was liable to be dismissed. Case-Laws IBC Fri, 05 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386288