https://www.taxtmi.com/caselaws?id=410849 The Appellate Tribunal set aside the Adjudicating Authority's decision and remitted the case for admitting the application under Section 9 of the IBC. The Corporate Debtor failed to prove a pre-existing dispute, and the Operational Creditor did not misuse the IBC as a recovery forum. The Tribunal emphasized the distinction between insolvency and default, finding the Corporate Debtor defaulted on payments. The case was sent back for further proceedings with directions for settlement before admission, and the appeal was allowed without costs. en-us Mon, 09 Aug 2021 00:00:00 +0530 Wed, 11 Aug 2021 09:21:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410849 The Appellate Tribunal set aside the Adjudicating Authority's decision and remitted the case for admitting the application under Section 9 of the IBC. The Corporate Debtor failed to prove a pre-existing dispute, and the Operational Creditor did not misuse the IBC as a recovery forum. The Tribunal emphasized the distinction between insolvency and default, finding the Corporate Debtor defaulted on payments. The case was sent back for further proceedings with directions for settlement before admission, and the appeal was allowed without costs. Case-Laws Insolvency and Bankruptcy Mon, 09 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410849