https://www.taxtmi.com/caselaws?id=411989 The Tribunal rejected the application seeking initiation of Corporate Insolvency Resolution Process against the corporate debtor as the advance given by the petitioner did not qualify as a financial debt under the Insolvency and Bankruptcy Code. The application was deemed non-maintainable due to uncertainties in the agreement regarding the amount payable and lack of clarity on the rate per kg of green tea leaves. The petitioner failed to establish the existence of a debt and default, and the involvement of a key individual raised transparency concerns, leading to the application's dismissal. en-us Mon, 23 Aug 2021 00:00:00 +0530 Tue, 07 Sep 2021 19:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411989 The Tribunal rejected the application seeking initiation of Corporate Insolvency Resolution Process against the corporate debtor as the advance given by the petitioner did not qualify as a financial debt under the Insolvency and Bankruptcy Code. The application was deemed non-maintainable due to uncertainties in the agreement regarding the amount payable and lack of clarity on the rate per kg of green tea leaves. The petitioner failed to establish the existence of a debt and default, and the involvement of a key individual raised transparency concerns, leading to the application's dismissal. Case-Laws Insolvency and Bankruptcy Mon, 23 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411989