https://www.taxtmi.com/caselaws?id=397701 The Tribunal found that the Corporate Debtor was not at fault for default as it had funds available but not released due to inter-bank disputes. Syndicate Bank's unilateral actions were deemed unjustified, and the Adjudicating Authority erred in admitting the application under Section 7 of the IBC. Consequently, the impugned order was set aside, the application dismissed, and the Corporate Debtor released from proceedings. All actions by the Resolution Professional were declared illegal, and the Corporate Debtor was permitted to operate independently. The case was remitted for fee determination with the appeal allowed at no cost. en-us Mon, 24 Aug 2020 00:00:00 +0530 Thu, 27 Aug 2020 10:24:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397701 The Tribunal found that the Corporate Debtor was not at fault for default as it had funds available but not released due to inter-bank disputes. Syndicate Bank's unilateral actions were deemed unjustified, and the Adjudicating Authority erred in admitting the application under Section 7 of the IBC. Consequently, the impugned order was set aside, the application dismissed, and the Corporate Debtor released from proceedings. All actions by the Resolution Professional were declared illegal, and the Corporate Debtor was permitted to operate independently. The case was remitted for fee determination with the appeal allowed at no cost. Case-Laws Insolvency and Bankruptcy Mon, 24 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397701