https://www.taxtmi.com/caselaws?id=406829 The Tribunal dismissed the Company Petition seeking initiation of Corporate Insolvency Resolution Process under section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor, an individual allottee, did not meet the requirement of a certain number of allottees to jointly file for insolvency as per the recent amendment to the IBC. The petition was deemed not maintainable, and the Tribunal ruled in favor of the Corporate Debtor, dismissing the petition without prejudice to any other legal rights the petitioner may have. en-us Fri, 09 Apr 2021 00:00:00 +0530 Sat, 24 Apr 2021 09:36:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406829 The Tribunal dismissed the Company Petition seeking initiation of Corporate Insolvency Resolution Process under section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor, an individual allottee, did not meet the requirement of a certain number of allottees to jointly file for insolvency as per the recent amendment to the IBC. The petition was deemed not maintainable, and the Tribunal ruled in favor of the Corporate Debtor, dismissing the petition without prejudice to any other legal rights the petitioner may have. Case-Laws Insolvency and Bankruptcy Fri, 09 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406829