https://www.taxtmi.com/caselaws?id=410593 The Tribunal found that the Financial Creditor failed to establish the transaction as a Financial Debt due to the absence of a written agreement and failure to specify essential terms. As a result, the order initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was set aside, and the Corporate Debtor was released from CIRP, allowed to function independently. The Adjudicating Authority was directed to regulate the fees of the Insolvency Resolution Professional (IRP) in accordance with Insolvency and Bankruptcy Code provisions. The Appeal was allowed, declaring all orders pursuant to the impugned order as illegal and setting them aside. en-us Tue, 03 Aug 2021 00:00:00 +0530 Thu, 05 Aug 2021 08:44:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410593 The Tribunal found that the Financial Creditor failed to establish the transaction as a Financial Debt due to the absence of a written agreement and failure to specify essential terms. As a result, the order initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was set aside, and the Corporate Debtor was released from CIRP, allowed to function independently. The Adjudicating Authority was directed to regulate the fees of the Insolvency Resolution Professional (IRP) in accordance with Insolvency and Bankruptcy Code provisions. The Appeal was allowed, declaring all orders pursuant to the impugned order as illegal and setting them aside. Case-Laws Insolvency and Bankruptcy Tue, 03 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410593