https://www.taxtmi.com/caselaws?id=294095 The National Company Law Tribunal Mumbai Bench rejected a petition under section 7 of the Insolvency and Bankruptcy Code for initiating corporate insolvency resolution process. The Tribunal emphasized that the debt claimed by the petitioner was not established as due, as a civil suit challenging the debt was rejected on limitation grounds. Referring to the Innoventive Industries Ltd. v. ICICI Bank judgment, the Tribunal clarified that a debt must be legally or factually payable for insolvency proceedings to be triggered. The Tribunal concluded that without the debt being due, there was no default in repayment, leading to the rejection of the petition. en-us Fri, 29 Mar 2019 00:00:00 +0530 Sat, 20 Mar 2021 08:44:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294095 The National Company Law Tribunal Mumbai Bench rejected a petition under section 7 of the Insolvency and Bankruptcy Code for initiating corporate insolvency resolution process. The Tribunal emphasized that the debt claimed by the petitioner was not established as due, as a civil suit challenging the debt was rejected on limitation grounds. Referring to the Innoventive Industries Ltd. v. ICICI Bank judgment, the Tribunal clarified that a debt must be legally or factually payable for insolvency proceedings to be triggered. The Tribunal concluded that without the debt being due, there was no default in repayment, leading to the rejection of the petition. Case-Laws Insolvency and Bankruptcy Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294095