https://www.taxtmi.com/caselaws?id=297990 The Company Petition seeking to initiate Corporate Insolvency Resolution Process against the Corporate Debtor for defaulting on payments totaling Rs. 35,52,022 was dismissed by the Tribunal. The petitioner's claimed amounts for unpaid electricity bills and property taxes were found not to constitute "Operational Debt" as defined in the Insolvency & Bankruptcy Code. The Tribunal ruled that the petitioner could not be considered an "Operational Creditor" as the claimed amounts did not fall under the specified categories. The petition was deemed not maintainable, but the petitioners were allowed to pursue recovery proceedings for dues within the limitation period against the Corporate Debtor. en-us Mon, 21 Sep 2020 00:00:00 +0530 Mon, 04 Oct 2021 20:56:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297990 The Company Petition seeking to initiate Corporate Insolvency Resolution Process against the Corporate Debtor for defaulting on payments totaling Rs. 35,52,022 was dismissed by the Tribunal. The petitioner's claimed amounts for unpaid electricity bills and property taxes were found not to constitute "Operational Debt" as defined in the Insolvency & Bankruptcy Code. The Tribunal ruled that the petitioner could not be considered an "Operational Creditor" as the claimed amounts did not fall under the specified categories. The petition was deemed not maintainable, but the petitioners were allowed to pursue recovery proceedings for dues within the limitation period against the Corporate Debtor. Case-Laws Insolvency and Bankruptcy Mon, 21 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297990