https://www.taxtmi.com/caselaws?id=399577 The tribunal dismissed the petitions seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/s. Cosmos Technocast Private Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The claims were barred by limitation, and the tribunal found that the financial creditors were misusing the insolvency process for debt recovery purposes. The tribunal highlighted the lack of a formal agreement on the interest rate and imposed an exemplary cost in each matter, payable to the Prime Minister's Relief Fund for COVID-19 relief. en-us Tue, 02 Jun 2020 00:00:00 +0530 Wed, 14 Oct 2020 12:26:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399577 The tribunal dismissed the petitions seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/s. Cosmos Technocast Private Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The claims were barred by limitation, and the tribunal found that the financial creditors were misusing the insolvency process for debt recovery purposes. The tribunal highlighted the lack of a formal agreement on the interest rate and imposed an exemplary cost in each matter, payable to the Prime Minister's Relief Fund for COVID-19 relief. Case-Laws Insolvency and Bankruptcy Tue, 02 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399577