https://www.taxtmi.com/caselaws?id=295061 A section 9 insolvency application was found not maintainable because the operational creditor could not establish the absence of a genuine pre-existing dispute. The record showed that the respondent had disputed quality, short supply and balance confirmation in reply to the demand notice, and had already commenced proceedings concerning the same commercial transactions. The Adjudicating Authority applied the principle that the Insolvency and Bankruptcy Code cannot be used as a debt recovery tool where a dispute exists before the demand notice, so CIRP initiation was rejected in substance, with liberty to pursue the pending arbitration-related proceedings and other remedies. en-us Thu, 18 Jun 2020 00:00:00 +0530 Mon, 15 Nov 2021 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295061 A section 9 insolvency application was found not maintainable because the operational creditor could not establish the absence of a genuine pre-existing dispute. The record showed that the respondent had disputed quality, short supply and balance confirmation in reply to the demand notice, and had already commenced proceedings concerning the same commercial transactions. The Adjudicating Authority applied the principle that the Insolvency and Bankruptcy Code cannot be used as a debt recovery tool where a dispute exists before the demand notice, so CIRP initiation was rejected in substance, with liberty to pursue the pending arbitration-related proceedings and other remedies. Case-Laws Insolvency and Bankruptcy Thu, 18 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295061