https://www.taxtmi.com/caselaws?id=293241 Entering into consent terms for an operational debt did not change the character of the underlying claim or extinguish the creditor's right to invoke the insolvency process on default. The settlement covered the work-related outstanding dues, provided a payment schedule, preserved insolvency recourse on non-payment, and the debtor's part-payments did not alter the liability. A later withdrawal of arbitration after a section 8 notice did not create a genuine pre-existing dispute because the earlier dispute had been comprehensively settled and the arbitration clause treated the proceedings as withdrawn. On this basis, the petition was admitted and CIRP steps were directed to commence. en-us Fri, 06 Apr 2018 00:00:00 +0530 Tue, 02 Feb 2021 14:00:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293241 Entering into consent terms for an operational debt did not change the character of the underlying claim or extinguish the creditor's right to invoke the insolvency process on default. The settlement covered the work-related outstanding dues, provided a payment schedule, preserved insolvency recourse on non-payment, and the debtor's part-payments did not alter the liability. A later withdrawal of arbitration after a section 8 notice did not create a genuine pre-existing dispute because the earlier dispute had been comprehensively settled and the arbitration clause treated the proceedings as withdrawn. On this basis, the petition was admitted and CIRP steps were directed to commence. Case-Laws Insolvency and Bankruptcy Fri, 06 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293241