https://www.taxtmi.com/caselaws?id=399190 An application under section 7 of the Insolvency and Bankruptcy Code was found unsustainable where the alleged default and NPA classification were not consistently supported by the documentary record. The Tribunal noted repeated enhancement of credit facilities, fresh consortium documentation, and inconsistencies in the asserted dates of default and NPA, which undermined the claimed basis for insolvency initiation. It also relied on the surrounding circumstances and prior proceedings to conclude that the petition was not filed with clean hands and that the asserted default appeared collusive and mala fide. On that footing, the insolvency petition was dismissed and CIRP was not triggered. en-us Thu, 05 Mar 2020 00:00:00 +0530 Tue, 06 Oct 2020 11:44:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399190 An application under section 7 of the Insolvency and Bankruptcy Code was found unsustainable where the alleged default and NPA classification were not consistently supported by the documentary record. The Tribunal noted repeated enhancement of credit facilities, fresh consortium documentation, and inconsistencies in the asserted dates of default and NPA, which undermined the claimed basis for insolvency initiation. It also relied on the surrounding circumstances and prior proceedings to conclude that the petition was not filed with clean hands and that the asserted default appeared collusive and mala fide. On that footing, the insolvency petition was dismissed and CIRP was not triggered. Case-Laws Insolvency and Bankruptcy Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399190