https://www.taxtmi.com/caselaws?id=399186 The Tribunal dismissed the Financial Creditor's application under section 7 of IBC, 2016 against the Corporate Debtor for defaulting on a debt, citing the pre-mature nature of the petition. The dispute arose from non-delivery of a commercial property and subsequent termination of the Purchase Agreement. The Tribunal determined that the debt was not yet due and payable based on the Agreement provisions, specifically the construction timeline, making the petition premature and not maintainable. The Tribunal refrained from addressing other contentions and directed the Registry to communicate the order to the parties. en-us Mon, 13 Jan 2020 00:00:00 +0530 Tue, 06 Oct 2020 11:34:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399186 The Tribunal dismissed the Financial Creditor's application under section 7 of IBC, 2016 against the Corporate Debtor for defaulting on a debt, citing the pre-mature nature of the petition. The dispute arose from non-delivery of a commercial property and subsequent termination of the Purchase Agreement. The Tribunal determined that the debt was not yet due and payable based on the Agreement provisions, specifically the construction timeline, making the petition premature and not maintainable. The Tribunal refrained from addressing other contentions and directed the Registry to communicate the order to the parties. Case-Laws Insolvency and Bankruptcy Mon, 13 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399186