https://www.taxtmi.com/caselaws?id=407397 The application under Section 9 of the Insolvency and Bankruptcy Code, 2016 was dismissed by the Adjudicating Authority. Despite the admitted debt by the Corporate Debtor, the lack of conclusive evidence of default and the presence of a pre-existing dispute led to the rejection of the application. Emphasizing the need for a clear establishment of debt and default, the Authority highlighted the rigorous nature of the IBC and the caution required before initiating insolvency proceedings. The dismissal of the application without costs allowed the Applicant to pursue other legal avenues for potential recovery of dues. en-us Fri, 30 Apr 2021 00:00:00 +0530 Mon, 10 May 2021 08:50:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407397 The application under Section 9 of the Insolvency and Bankruptcy Code, 2016 was dismissed by the Adjudicating Authority. Despite the admitted debt by the Corporate Debtor, the lack of conclusive evidence of default and the presence of a pre-existing dispute led to the rejection of the application. Emphasizing the need for a clear establishment of debt and default, the Authority highlighted the rigorous nature of the IBC and the caution required before initiating insolvency proceedings. The dismissal of the application without costs allowed the Applicant to pursue other legal avenues for potential recovery of dues. Case-Laws Insolvency and Bankruptcy Fri, 30 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407397