https://www.taxtmi.com/caselaws?id=391843 The National Company Law Tribunal, Hyderabad, held that an operational creditor undergoing Corporate Insolvency Resolution Process (CIRP) cannot maintain a petition under Section 9 of the Insolvency & Bankruptcy Code against a corporate debtor due to the prohibition in Section 11. Despite evidence of debt and non-contestation by the debtor, the Tribunal emphasized that the restriction in Section 11 applies to any capacity in which the petitioner, undergoing CIRP, seeks to initiate CIRP against another entity. The Resolution Professional representing the petitioner was also found unable to maintain the petition under Section 9. The petition was rejected based on statutory restrictions and legal precedents. en-us Fri, 06 Dec 2019 00:00:00 +0530 Sat, 08 Feb 2020 07:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391843 The National Company Law Tribunal, Hyderabad, held that an operational creditor undergoing Corporate Insolvency Resolution Process (CIRP) cannot maintain a petition under Section 9 of the Insolvency & Bankruptcy Code against a corporate debtor due to the prohibition in Section 11. Despite evidence of debt and non-contestation by the debtor, the Tribunal emphasized that the restriction in Section 11 applies to any capacity in which the petitioner, undergoing CIRP, seeks to initiate CIRP against another entity. The Resolution Professional representing the petitioner was also found unable to maintain the petition under Section 9. The petition was rejected based on statutory restrictions and legal precedents. Case-Laws Insolvency and Bankruptcy Fri, 06 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391843