https://www.taxtmi.com/caselaws?id=396567 The tribunal dismissed the petition to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC) as the amount claimed was in substantial dispute and there was a pre-existing dispute regarding the quality of work. It was noted that the Operational Creditor had invoked multiple remedies for the same cause of action, which was deemed untenable. The tribunal emphasized that IBC is not a substitute for a recovery forum and referred to relevant case law. The dismissal was without prejudice to the Operational Creditor's rights to pursue pending cases in other forums. en-us Mon, 02 Mar 2020 00:00:00 +0530 Sat, 11 Jul 2020 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396567 The tribunal dismissed the petition to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC) as the amount claimed was in substantial dispute and there was a pre-existing dispute regarding the quality of work. It was noted that the Operational Creditor had invoked multiple remedies for the same cause of action, which was deemed untenable. The tribunal emphasized that IBC is not a substitute for a recovery forum and referred to relevant case law. The dismissal was without prejudice to the Operational Creditor's rights to pursue pending cases in other forums. Case-Laws Insolvency and Bankruptcy Mon, 02 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396567