https://www.taxtmi.com/caselaws?id=297104 A section 9 Insolvency and Bankruptcy Code petition was treated as premature where the underlying debt arose from an ongoing commercial relationship, the parties were still in settlement negotiations, and the corporate debtor had shown willingness to pay. The Tribunal applied the principle that the Code is intended for insolvency resolution and not as a recovery mechanism, and considered that initiating CIRP in those circumstances would not serve the object of the Code. The request for admission was therefore rejected, with liberty to pursue the remedy again if a proper case later arose under the Code. en-us Fri, 18 Dec 2020 00:00:00 +0530 Thu, 19 Aug 2021 04:50:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297104 A section 9 Insolvency and Bankruptcy Code petition was treated as premature where the underlying debt arose from an ongoing commercial relationship, the parties were still in settlement negotiations, and the corporate debtor had shown willingness to pay. The Tribunal applied the principle that the Code is intended for insolvency resolution and not as a recovery mechanism, and considered that initiating CIRP in those circumstances would not serve the object of the Code. The request for admission was therefore rejected, with liberty to pursue the remedy again if a proper case later arose under the Code. Case-Laws Insolvency and Bankruptcy Fri, 18 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297104