https://www.taxtmi.com/caselaws?id=401440 A Section 9 insolvency petition requires a clear, undisputed operational debt and default. Where invoices and correspondence do not show any mutual agreement on payment terms or interest, one-sided demands cannot establish the debt or default required to trigger CIRP. The existence of a dispute over delayed supplies and the basis for interest further shows that the claim is contested. Insolvency proceedings also cannot be used as a debt recovery mechanism against a solvent corporate debtor, especially where the record does not show insolvency or loss of substratum. On these facts, the petition was held not maintainable. en-us Fri, 12 Jun 2020 00:00:00 +0530 Tue, 08 Dec 2020 10:58:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401440 A Section 9 insolvency petition requires a clear, undisputed operational debt and default. Where invoices and correspondence do not show any mutual agreement on payment terms or interest, one-sided demands cannot establish the debt or default required to trigger CIRP. The existence of a dispute over delayed supplies and the basis for interest further shows that the claim is contested. Insolvency proceedings also cannot be used as a debt recovery mechanism against a solvent corporate debtor, especially where the record does not show insolvency or loss of substratum. On these facts, the petition was held not maintainable. Case-Laws Insolvency and Bankruptcy Fri, 12 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401440