https://www.taxtmi.com/caselaws?id=406648 The Adjudicating Authority rejected the Petitioner's petition under Section 7 of the Insolvency and Bankruptcy Code, finding insufficient evidence to establish the debt as a financial debt, necessary for the Petitioner to be considered a Financial Creditor. The petition was deemed inadequate for admission, emphasizing that only a Financial Creditor can initiate the Corporate Insolvency Resolution Process under the Code. The judgment made no order as to costs and allowed the Petitioner to seek alternative legal remedies. The Registry was instructed to inform both parties of the decision for further action. en-us Tue, 30 Mar 2021 00:00:00 +0530 Tue, 20 Apr 2021 12:53:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406648 The Adjudicating Authority rejected the Petitioner's petition under Section 7 of the Insolvency and Bankruptcy Code, finding insufficient evidence to establish the debt as a financial debt, necessary for the Petitioner to be considered a Financial Creditor. The petition was deemed inadequate for admission, emphasizing that only a Financial Creditor can initiate the Corporate Insolvency Resolution Process under the Code. The judgment made no order as to costs and allowed the Petitioner to seek alternative legal remedies. The Registry was instructed to inform both parties of the decision for further action. Case-Laws Insolvency and Bankruptcy Tue, 30 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406648