https://www.taxtmi.com/caselaws?id=297531 A Section 9 IBC petition was not admitted where the record showed advance payment and subsequent part-payments by the corporate debtor, indicating that the proceeding was being used to recover a balance operational claim. The tribunal treated the petition as a recovery-oriented dispute rather than a case warranting commencement of CIRP, and preferred settlement over insolvency admission. The corporate debtor was directed to settle the claim within three months, failing which the creditor could pursue appropriate remedies in accordance with law. The application therefore ended without initiation of insolvency proceedings and was disposed of on that basis. en-us Wed, 24 Feb 2021 00:00:00 +0530 Wed, 08 Sep 2021 20:42:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297531 A Section 9 IBC petition was not admitted where the record showed advance payment and subsequent part-payments by the corporate debtor, indicating that the proceeding was being used to recover a balance operational claim. The tribunal treated the petition as a recovery-oriented dispute rather than a case warranting commencement of CIRP, and preferred settlement over insolvency admission. The corporate debtor was directed to settle the claim within three months, failing which the creditor could pursue appropriate remedies in accordance with law. The application therefore ended without initiation of insolvency proceedings and was disposed of on that basis. Case-Laws Insolvency and Bankruptcy Wed, 24 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297531