https://www.taxtmi.com/caselaws?id=293685 An application under section 9 of the Insolvency and Bankruptcy Code was held not maintainable because the claimed operational debt was not shown to be undisputed and the underlying contract provided a negotiated dispute-resolution process followed by arbitration. The tribunal found that invoices and email exchanges showed only an asserted liability to pay, not the absence of a real dispute requiring insolvency intervention. It further held that the Code cannot be used as a debt-recovery mechanism where the parties have an agreed contractual remedy. The petitioner was directed to pursue the arbitral process, and insolvency proceedings were not admitted. en-us Mon, 08 Jun 2020 00:00:00 +0530 Wed, 24 Feb 2021 09:40:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293685 An application under section 9 of the Insolvency and Bankruptcy Code was held not maintainable because the claimed operational debt was not shown to be undisputed and the underlying contract provided a negotiated dispute-resolution process followed by arbitration. The tribunal found that invoices and email exchanges showed only an asserted liability to pay, not the absence of a real dispute requiring insolvency intervention. It further held that the Code cannot be used as a debt-recovery mechanism where the parties have an agreed contractual remedy. The petitioner was directed to pursue the arbitral process, and insolvency proceedings were not admitted. Case-Laws Insolvency and Bankruptcy Mon, 08 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293685