https://www.taxtmi.com/caselaws?id=293933 The tribunal dismissed the petition filed by M/s. I and B Engineers P. Ltd. against M/s. Scorpio Engineering P. Ltd. for defaulting on a debt, amounting to Rs. 79,03,739, citing lack of prima facie proof of debt liability. The tribunal found that the petition was filed with the intention of recovering the outstanding amount rather than initiating Corporate Insolvency Resolution Process (CIRP). Additionally, the existence of a pre-existing dispute and the delay in filing the petition led to its dismissal, with the tribunal suggesting pursuing other legal avenues for recovery. en-us Thu, 21 May 2020 00:00:00 +0530 Wed, 10 Mar 2021 08:28:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293933 The tribunal dismissed the petition filed by M/s. I and B Engineers P. Ltd. against M/s. Scorpio Engineering P. Ltd. for defaulting on a debt, amounting to Rs. 79,03,739, citing lack of prima facie proof of debt liability. The tribunal found that the petition was filed with the intention of recovering the outstanding amount rather than initiating Corporate Insolvency Resolution Process (CIRP). Additionally, the existence of a pre-existing dispute and the delay in filing the petition led to its dismissal, with the tribunal suggesting pursuing other legal avenues for recovery. Case-Laws Insolvency and Bankruptcy Thu, 21 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293933