https://www.taxtmi.com/caselaws?id=411278 The Tribunal found a pre-existing dispute between the parties regarding a salary reduction dating back to 2017, leading to the dismissal of the Company Petition seeking to initiate Corporate Insolvency Resolution Process. The petition under Section 9 of the Insolvency and Bankruptcy Code for arrears of salary was deemed not maintainable as the differential amount of reduced salary did not qualify as 'Operational Debt.' The judgment emphasized the importance of clarity on the nature of the debt claimed under the Code for petition validity, allowing the Operational Creditor to pursue alternative legal avenues for recovery. en-us Tue, 10 Aug 2021 00:00:00 +0530 Sat, 21 Aug 2021 08:32:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411278 The Tribunal found a pre-existing dispute between the parties regarding a salary reduction dating back to 2017, leading to the dismissal of the Company Petition seeking to initiate Corporate Insolvency Resolution Process. The petition under Section 9 of the Insolvency and Bankruptcy Code for arrears of salary was deemed not maintainable as the differential amount of reduced salary did not qualify as 'Operational Debt.' The judgment emphasized the importance of clarity on the nature of the debt claimed under the Code for petition validity, allowing the Operational Creditor to pursue alternative legal avenues for recovery. Case-Laws Insolvency and Bankruptcy Tue, 10 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411278