https://www.taxtmi.com/caselaws?id=399521 The Tribunal set aside the impugned order, releasing the Corporate Debtor from the Corporate Insolvency Resolution Process (CIRP) due to the existence of a genuine dispute, as per Section 9 of the Insolvency and Bankruptcy Code (IBC). The Tribunal emphasized that IBC is not a debt recovery mechanism. The Corporate Debtor was directed to bear the CIRP costs incurred by the Interim Resolution Professional (IRP) and recover them from the Operational Creditor. The appeal was allowed, and the Corporate Debtor was permitted to function independently through its Board of Directors, underscoring the necessity for account reconciliation. en-us Wed, 30 Sep 2020 00:00:00 +0530 Thu, 07 Nov 2024 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399521 The Tribunal set aside the impugned order, releasing the Corporate Debtor from the Corporate Insolvency Resolution Process (CIRP) due to the existence of a genuine dispute, as per Section 9 of the Insolvency and Bankruptcy Code (IBC). The Tribunal emphasized that IBC is not a debt recovery mechanism. The Corporate Debtor was directed to bear the CIRP costs incurred by the Interim Resolution Professional (IRP) and recover them from the Operational Creditor. The appeal was allowed, and the Corporate Debtor was permitted to function independently through its Board of Directors, underscoring the necessity for account reconciliation. Case-Laws IBC Wed, 30 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399521