https://www.taxtmi.com/caselaws?id=398965 A section 9 Insolvency and Bankruptcy Code petition was held not maintainable where the insolvency process was being used as a recovery mechanism rather than to trigger genuine corporate insolvency resolution. The tribunal noted that the operational debt was disputed, substantial payments had already been made, cheques had been issued, and cheque-dishonour proceedings under the Negotiable Instruments Act were already pending on the same transactions. Because the claim involved contested balance and interest issues, the matter was not a clear undisputed default suitable for summary admission under the Code. The petition was therefore rejected at the admission stage. en-us Mon, 06 Jul 2020 00:00:00 +0530 Tue, 29 Sep 2020 06:24:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398965 A section 9 Insolvency and Bankruptcy Code petition was held not maintainable where the insolvency process was being used as a recovery mechanism rather than to trigger genuine corporate insolvency resolution. The tribunal noted that the operational debt was disputed, substantial payments had already been made, cheques had been issued, and cheque-dishonour proceedings under the Negotiable Instruments Act were already pending on the same transactions. Because the claim involved contested balance and interest issues, the matter was not a clear undisputed default suitable for summary admission under the Code. The petition was therefore rejected at the admission stage. Case-Laws Insolvency and Bankruptcy Mon, 06 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398965