https://www.taxtmi.com/caselaws?id=291836 The Tribunal dismissed the petition seeking to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor for default in payment. The deductions made by the Corporate Debtor were deemed legitimate under the terms of the agreement, with a pre-existing dispute existing between the parties. The Tribunal ruled that the deducted amount did not qualify as an operational debt under the Insolvency and Bankruptcy Code, emphasizing the absence of a liability to pay the amount. Citing the presence of a genuine dispute, the Tribunal referenced a Supreme Court decision and granted liberty to the Petitioner to pursue legal remedies. en-us Thu, 07 Nov 2019 00:00:00 +0530 Thu, 26 Nov 2020 09:18:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291836 The Tribunal dismissed the petition seeking to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor for default in payment. The deductions made by the Corporate Debtor were deemed legitimate under the terms of the agreement, with a pre-existing dispute existing between the parties. The Tribunal ruled that the deducted amount did not qualify as an operational debt under the Insolvency and Bankruptcy Code, emphasizing the absence of a liability to pay the amount. Citing the presence of a genuine dispute, the Tribunal referenced a Supreme Court decision and granted liberty to the Petitioner to pursue legal remedies. Case-Laws Insolvency and Bankruptcy Thu, 07 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291836