https://www.taxtmi.com/caselaws?id=392955 The tribunal set aside the order admitting the application for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. It found that the Operational Creditor had not met the requirements for issuing a proper demand notice, failed to provide sufficient evidence of the operational debt, and there was a pre-existing dispute. The Corporate Debtor was released from the CIRP, and the Interim Resolution Professional was directed to hand over the records and assets to the Promoter. The tribunal also directed the Adjudicating Authority to consider revising the format of the application in Form 5. en-us Mon, 24 Feb 2020 00:00:00 +0530 Tue, 03 Mar 2020 11:26:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392955 The tribunal set aside the order admitting the application for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. It found that the Operational Creditor had not met the requirements for issuing a proper demand notice, failed to provide sufficient evidence of the operational debt, and there was a pre-existing dispute. The Corporate Debtor was released from the CIRP, and the Interim Resolution Professional was directed to hand over the records and assets to the Promoter. The tribunal also directed the Adjudicating Authority to consider revising the format of the application in Form 5. Case-Laws Insolvency and Bankruptcy Mon, 24 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392955