https://www.taxtmi.com/caselaws?id=288427 A corporate applicant seeking CIRP under the Insolvency and Bankruptcy Code must establish commercial insolvency. The NCLT found that the applicant itself claimed ownership of an unencumbered immovable property of substantial value sufficient to meet outstanding liabilities, and it also considered the objections of financial creditors and the fact that the arbitration award against the applicant remained unchallenged. On those facts, the Tribunal held that commercial insolvency was not established, so the Section 10 application was not maintainable and was dismissed. en-us Mon, 08 Jul 2019 00:00:00 +0530 Sat, 06 Jun 2020 10:46:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288427 A corporate applicant seeking CIRP under the Insolvency and Bankruptcy Code must establish commercial insolvency. The NCLT found that the applicant itself claimed ownership of an unencumbered immovable property of substantial value sufficient to meet outstanding liabilities, and it also considered the objections of financial creditors and the fact that the arbitration award against the applicant remained unchallenged. On those facts, the Tribunal held that commercial insolvency was not established, so the Section 10 application was not maintainable and was dismissed. Case-Laws Insolvency and Bankruptcy Mon, 08 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288427