https://www.taxtmi.com/caselaws?id=296401 The case involved a facility services company petitioning to initiate Corporate Insolvency Resolution Process (CIRP) against an educational institute for non-payment totaling Rs. 22,69,778. The respondent failed to respond to demands, leading to deemed admission of debt. Despite concerns about the respondent's financial status, the adjudicating authority found the petition barred by laches and limitation due to the petitioner's delayed action and lack of genuine insolvency concerns. The authority directed the Registrar of Companies to assess compliance status and inform both parties promptly, disposing of the petition accordingly. en-us Tue, 23 Feb 2021 00:00:00 +0530 Mon, 19 Jul 2021 10:22:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296401 The case involved a facility services company petitioning to initiate Corporate Insolvency Resolution Process (CIRP) against an educational institute for non-payment totaling Rs. 22,69,778. The respondent failed to respond to demands, leading to deemed admission of debt. Despite concerns about the respondent's financial status, the adjudicating authority found the petition barred by laches and limitation due to the petitioner's delayed action and lack of genuine insolvency concerns. The authority directed the Registrar of Companies to assess compliance status and inform both parties promptly, disposing of the petition accordingly. Case-Laws Insolvency and Bankruptcy Tue, 23 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296401