https://www.taxtmi.com/caselaws?id=397632 A debtor-initiated insolvency petition under Section 10 of the Insolvency and Bankruptcy Code was found not maintainable where the surrounding material indicated fraudulent or malicious intent and an attempt to defeat creditor claims. The Appellate Tribunal noted that separate penal action under Section 65 had not been imposed, but that did not prevent rejection of the application itself. It also left open independent allegations concerning solvency and siphoning of funds for consideration before the appropriate company authorities. The debtor's insolvency petition was therefore rejected. en-us Fri, 24 Jan 2020 00:00:00 +0530 Tue, 25 Aug 2020 13:47:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397632 A debtor-initiated insolvency petition under Section 10 of the Insolvency and Bankruptcy Code was found not maintainable where the surrounding material indicated fraudulent or malicious intent and an attempt to defeat creditor claims. The Appellate Tribunal noted that separate penal action under Section 65 had not been imposed, but that did not prevent rejection of the application itself. It also left open independent allegations concerning solvency and siphoning of funds for consideration before the appropriate company authorities. The debtor's insolvency petition was therefore rejected. Case-Laws Insolvency and Bankruptcy Fri, 24 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397632