CIRP Application Dismissed: Applicant Failed to Prove "Debt" and "Default" Under Insolvency and Bankruptcy Code's Strict Standards.

CIRP Application Dismissed: Applicant Failed to Prove "Debt" and "Default" Under Insolvency and Bankruptcy Code's Strict Standards. https://www.taxtmi.com/highlights?id=58229 Initiation of CIRP - The Applicant failed to establish the "debt" and "default". Since IBC is a rigorous act, it ought to be exercised with abundant caution. There ought to be no doubt of "alleged debt". Since there are lot of ambiguity regarding supply and payment, the application is dismissed. - Tri en-us Thu, 03 Jun 2021 12:03:38 +0530 Thu, 03 Jun 2021 12:03:38 +0530 TaxTMI RSS Generator CIRP Application Dismissed: Applicant Failed to Prove "Debt" and "Default" Under Insolvency and Bankruptcy Code's Strict Standards. https://www.taxtmi.com/highlights?id=58229 Initiation of CIRP - The Applicant failed to establish the "debt" and "default". Since IBC is a rigorous act, it ought to be exercised with abundant caution. There ought to be no doubt of "alleged debt". Since there are lot of ambiguity regarding supply and payment, the application is dismissed. - Tri Highlights Insolvency and Bankruptcy Thu, 03 Jun 2021 12:03:38 +0530 https://www.taxtmi.com/highlights?id=58229