https://www.taxtmi.com/caselaws?id=408420 The Tribunal dismissed the Applicant's application seeking directions under the Insolvency and Bankruptcy Code, 2016. The Tribunal found insufficient evidence to establish a clear relationship with the main Company Petition and clarified that penalties for fraudulent initiation of proceedings can only be imposed once the insolvency resolution process is initiated. The Applicant's prayer for penalty imposition was deemed premature as the Corporate Insolvency Resolution Process had not commenced. The Tribunal directed the information provided by the Applicant to be considered during the final order in the ongoing Company Petition, concluding the matter for further proceedings. en-us Mon, 31 May 2021 00:00:00 +0530 Thu, 10 Jun 2021 08:42:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408420 The Tribunal dismissed the Applicant's application seeking directions under the Insolvency and Bankruptcy Code, 2016. The Tribunal found insufficient evidence to establish a clear relationship with the main Company Petition and clarified that penalties for fraudulent initiation of proceedings can only be imposed once the insolvency resolution process is initiated. The Applicant's prayer for penalty imposition was deemed premature as the Corporate Insolvency Resolution Process had not commenced. The Tribunal directed the information provided by the Applicant to be considered during the final order in the ongoing Company Petition, concluding the matter for further proceedings. Case-Laws Insolvency and Bankruptcy Mon, 31 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408420