https://www.taxtmi.com/caselaws?id=415006 The Tribunal rejected the Operational Creditor's application to initiate Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was deemed time-barred as it was filed over three years after the alleged default date, and the claimed amount did not qualify as Operational Debt. The Tribunal held that applications filed beyond the limitation period are not maintainable, emphasizing that the right to apply under the Code accrues when the default occurs. Consequently, the application was dismissed. en-us Fri, 12 Nov 2021 00:00:00 +0530 Wed, 24 Nov 2021 06:13:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415006 The Tribunal rejected the Operational Creditor's application to initiate Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was deemed time-barred as it was filed over three years after the alleged default date, and the claimed amount did not qualify as Operational Debt. The Tribunal held that applications filed beyond the limitation period are not maintainable, emphasizing that the right to apply under the Code accrues when the default occurs. Consequently, the application was dismissed. Case-Laws Insolvency and Bankruptcy Fri, 12 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415006