https://www.taxtmi.com/caselaws?id=395243 The court addressed the rejection of an application under the Insolvency and Bankruptcy Code, 2016, due to limitation and absence of financial debt. It analyzed the dispute over the appellants' status as financial creditors, the potential limitation on the amount payable, and the necessity of initiating the corporate insolvency resolution process. The court clarified the nature of the debt, the default by the corporate debtor, and the need for proper recognition of the appellants as financial creditors, ultimately remitting the case for further proceedings. en-us Mon, 02 Sep 2019 00:00:00 +0530 Wed, 13 May 2020 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395243 The court addressed the rejection of an application under the Insolvency and Bankruptcy Code, 2016, due to limitation and absence of financial debt. It analyzed the dispute over the appellants' status as financial creditors, the potential limitation on the amount payable, and the necessity of initiating the corporate insolvency resolution process. The court clarified the nature of the debt, the default by the corporate debtor, and the need for proper recognition of the appellants as financial creditors, ultimately remitting the case for further proceedings. Case-Laws Insolvency and Bankruptcy Mon, 02 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395243