https://www.taxtmi.com/caselaws?id=412141 The Tribunal rejected a Company Application under section 9 of the Insolvency and Bankruptcy Code, 2016, for the initiation of Corporate Insolvency Resolution Process against a Corporate Debtor due to non-supply of goods despite advance payment. The Tribunal held that advance payments without actual supply of goods did not qualify as operational debt under the Code, following precedent from the National Company Law Appellate Tribunal. Therefore, the claim based on the advance amount for the supply of Maize was not considered operational debt, leading to the rejection of the Company Application. en-us Thu, 05 Aug 2021 00:00:00 +0530 Sat, 11 Sep 2021 09:55:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412141 The Tribunal rejected a Company Application under section 9 of the Insolvency and Bankruptcy Code, 2016, for the initiation of Corporate Insolvency Resolution Process against a Corporate Debtor due to non-supply of goods despite advance payment. The Tribunal held that advance payments without actual supply of goods did not qualify as operational debt under the Code, following precedent from the National Company Law Appellate Tribunal. Therefore, the claim based on the advance amount for the supply of Maize was not considered operational debt, leading to the rejection of the Company Application. Case-Laws Insolvency and Bankruptcy Thu, 05 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412141