https://www.taxtmi.com/caselaws?id=392253 The Tribunal rejected the Company petition seeking Corporate Insolvency Resolution Process against a Private Limited Company for non-payment of a principal amount. The petition was dismissed as the claim for non-payment of advance money did not qualify as "Operational Debt" under the Insolvency & Bankruptcy Code. The Corporate Debtor's failure to refund the principal amount and complete the project did not constitute operational debt, leading to the application's rejection. The petitioner's rights to pursue the matter in other legal avenues were preserved. en-us Tue, 03 Dec 2019 00:00:00 +0530 Sat, 15 Feb 2020 20:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392253 The Tribunal rejected the Company petition seeking Corporate Insolvency Resolution Process against a Private Limited Company for non-payment of a principal amount. The petition was dismissed as the claim for non-payment of advance money did not qualify as "Operational Debt" under the Insolvency & Bankruptcy Code. The Corporate Debtor's failure to refund the principal amount and complete the project did not constitute operational debt, leading to the application's rejection. The petitioner's rights to pursue the matter in other legal avenues were preserved. Case-Laws Insolvency and Bankruptcy Tue, 03 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392253