https://www.taxtmi.com/caselaws?id=413657 The Tribunal dismissed the application seeking initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC) as it did not comply with the amended provision of Section 7 IBC. The petitioner, though acknowledged for an allotment letter, was deemed an allottee under a real estate project, not a Financial Creditor. The petitioner was granted the liberty to reapply in accordance with the amended provision, emphasizing the necessity of meeting the specified requirements for commencing CIRP proceedings under the IBC. en-us Wed, 06 Oct 2021 00:00:00 +0530 Mon, 18 Oct 2021 09:27:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413657 The Tribunal dismissed the application seeking initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC) as it did not comply with the amended provision of Section 7 IBC. The petitioner, though acknowledged for an allotment letter, was deemed an allottee under a real estate project, not a Financial Creditor. The petitioner was granted the liberty to reapply in accordance with the amended provision, emphasizing the necessity of meeting the specified requirements for commencing CIRP proceedings under the IBC. Case-Laws Insolvency and Bankruptcy Wed, 06 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413657