https://www.taxtmi.com/caselaws?id=394736 The Tribunal dismissed the Operational Creditor's application under section 9 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor. The dispute arose from non-payment of operational debt by the Corporate Debtor for machinery supplied. Both parties failed to fulfill contractual obligations, leading to a pre-existing dispute. The Tribunal found deviations in contractual obligations by both parties, particularly regarding the Factory Acceptance Test. As a result, the Petition was dismissed, allowing the parties to seek remedies in the appropriate forum without costs. en-us Wed, 19 Feb 2020 00:00:00 +0530 Thu, 23 Apr 2020 10:40:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394736 The Tribunal dismissed the Operational Creditor's application under section 9 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor. The dispute arose from non-payment of operational debt by the Corporate Debtor for machinery supplied. Both parties failed to fulfill contractual obligations, leading to a pre-existing dispute. The Tribunal found deviations in contractual obligations by both parties, particularly regarding the Factory Acceptance Test. As a result, the Petition was dismissed, allowing the parties to seek remedies in the appropriate forum without costs. Case-Laws Insolvency and Bankruptcy Wed, 19 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394736