https://www.taxtmi.com/caselaws?id=405982 An application under Section 7 of the Insolvency and Bankruptcy Code was held not maintainable because the transaction documents, identity of the contracting entities, and the legal basis for fastening liability were inconsistent and disputed. The tribunal found that the materials did not disclose a clear, undisputed, and enforceable financial debt capable of summary adjudication, and the guarantee and related papers formed part of a contested factual matrix requiring proof beyond the limited scope of insolvency proceedings. As the ingredients for admission were not established, prima facie debt and default were not made out and initiation of corporate insolvency resolution process was refused. en-us Fri, 12 Mar 2021 00:00:00 +0530 Sat, 03 Apr 2021 08:43:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405982 An application under Section 7 of the Insolvency and Bankruptcy Code was held not maintainable because the transaction documents, identity of the contracting entities, and the legal basis for fastening liability were inconsistent and disputed. The tribunal found that the materials did not disclose a clear, undisputed, and enforceable financial debt capable of summary adjudication, and the guarantee and related papers formed part of a contested factual matrix requiring proof beyond the limited scope of insolvency proceedings. As the ingredients for admission were not established, prima facie debt and default were not made out and initiation of corporate insolvency resolution process was refused. Case-Laws Insolvency and Bankruptcy Fri, 12 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405982