https://www.taxtmi.com/caselaws?id=296903 The Tribunal dismissed the application under Section 9 of The Insolvency and Bankruptcy Code, 2016, filed by M/S. Vimal Coal Private Limited as the operational creditor failed to prove the debt was due and payable or demonstrate the insolvency of the corporate debtor. The Tribunal found the invoices time-barred and the presented account ledger suspicious due to authenticity concerns. Emphasizing the Code's purpose to resolve insolvency promptly and prevent misuse for coercive purposes, a penalty of Rs. 1.00 lakh was imposed on the operational creditor for misusing the Code, to be paid to the Army Welfare Fund within ten days. en-us Wed, 04 Mar 2020 00:00:00 +0530 Wed, 11 Aug 2021 09:18:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296903 The Tribunal dismissed the application under Section 9 of The Insolvency and Bankruptcy Code, 2016, filed by M/S. Vimal Coal Private Limited as the operational creditor failed to prove the debt was due and payable or demonstrate the insolvency of the corporate debtor. The Tribunal found the invoices time-barred and the presented account ledger suspicious due to authenticity concerns. Emphasizing the Code's purpose to resolve insolvency promptly and prevent misuse for coercive purposes, a penalty of Rs. 1.00 lakh was imposed on the operational creditor for misusing the Code, to be paid to the Army Welfare Fund within ten days. Case-Laws Insolvency and Bankruptcy Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296903