https://www.taxtmi.com/caselaws?id=291700 A section 9 insolvency petition cannot be maintained as a substitute for money recovery where the pleadings and materials show an attempt to collect an alleged outstanding balance rather than invoke insolvency for its proper purpose; on that basis, the petition was rejected. The Tribunal also applied the Limitation Act through section 238A of the Insolvency and Bankruptcy Code and found the application time-barred, because the alleged default had arisen much earlier and the filing was not satisfactorily shown to be within limitation. The insolvency application was therefore dismissed, with liberty to the parties to settle the dispute. en-us Fri, 22 Nov 2019 00:00:00 +0530 Wed, 13 Nov 2024 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291700 A section 9 insolvency petition cannot be maintained as a substitute for money recovery where the pleadings and materials show an attempt to collect an alleged outstanding balance rather than invoke insolvency for its proper purpose; on that basis, the petition was rejected. The Tribunal also applied the Limitation Act through section 238A of the Insolvency and Bankruptcy Code and found the application time-barred, because the alleged default had arisen much earlier and the filing was not satisfactorily shown to be within limitation. The insolvency application was therefore dismissed, with liberty to the parties to settle the dispute. Case-Laws IBC Fri, 22 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291700