https://www.taxtmi.com/caselaws?id=294896 The Adjudicating Authority rejected the insolvency application due to financial fraud, emphasizing that the Insolvency and Bankruptcy Code is not intended for cases involving fraud. The Authority also rejected the application against a financial services provider to prevent systemic risks and protect public interest. The appellate tribunal found no evidence of fraudulent intent in filing the application and directed the Adjudicating Authority to admit it after issuing a notice to the corporate debtor. The tribunal allowed the appeal, set aside the judgment, and provided directions for the admission of the application with no costs. en-us Tue, 06 Aug 2019 00:00:00 +0530 Sat, 08 May 2021 08:16:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294896 The Adjudicating Authority rejected the insolvency application due to financial fraud, emphasizing that the Insolvency and Bankruptcy Code is not intended for cases involving fraud. The Authority also rejected the application against a financial services provider to prevent systemic risks and protect public interest. The appellate tribunal found no evidence of fraudulent intent in filing the application and directed the Adjudicating Authority to admit it after issuing a notice to the corporate debtor. The tribunal allowed the appeal, set aside the judgment, and provided directions for the admission of the application with no costs. Case-Laws Insolvency and Bankruptcy Tue, 06 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294896