https://www.taxtmi.com/caselaws?id=297192 A Section 7 IBC petition was not admitted where the financial creditor and corporate debtor filed a joint consent settlement and the record showed substantial progress in resolving creditor claims. Because insolvency proceedings are summary in nature, the Tribunal did not undertake a detailed examination of individual claims and instead treated the ongoing settlement process as the decisive factor. The petition was disposed of with directions to complete settlement of the remaining claims within three months, rather than triggering CIRP. en-us Fri, 28 Feb 2020 00:00:00 +0530 Sun, 22 Aug 2021 12:07:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297192 A Section 7 IBC petition was not admitted where the financial creditor and corporate debtor filed a joint consent settlement and the record showed substantial progress in resolving creditor claims. Because insolvency proceedings are summary in nature, the Tribunal did not undertake a detailed examination of individual claims and instead treated the ongoing settlement process as the decisive factor. The petition was disposed of with directions to complete settlement of the remaining claims within three months, rather than triggering CIRP. Case-Laws Insolvency and Bankruptcy Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297192