https://www.taxtmi.com/caselaws?id=294040 An application under Section 7 of the Insolvency and Bankruptcy Code was not admitted where debt and default were undisputed but the corporate debtor sought time to clear the liability and showed that it was a going concern with receivables, existing working capital support, and settlements with other creditors. The reasoning emphasised that insolvency proceedings are not meant to be used as a recovery mechanism against a functional business that is otherwise capable of repayment. The corporate debtor was granted 90 days to pay the balance debt or settled amount, and the financial creditor was given liberty to file a fresh petition if payment was not made within that period. en-us Tue, 09 Jun 2020 00:00:00 +0530 Wed, 17 Mar 2021 09:09:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294040 An application under Section 7 of the Insolvency and Bankruptcy Code was not admitted where debt and default were undisputed but the corporate debtor sought time to clear the liability and showed that it was a going concern with receivables, existing working capital support, and settlements with other creditors. The reasoning emphasised that insolvency proceedings are not meant to be used as a recovery mechanism against a functional business that is otherwise capable of repayment. The corporate debtor was granted 90 days to pay the balance debt or settled amount, and the financial creditor was given liberty to file a fresh petition if payment was not made within that period. Case-Laws Insolvency and Bankruptcy Tue, 09 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294040