https://www.taxtmi.com/caselaws?id=299043 The Tribunal dismissed the application for initiation of Corporate Insolvency Resolution Process under section 9 of IBC, 2016 against the Corporate Debtor for outstanding professional fees. It was held that there was no privity of contract between the Applicant and the Corporate Debtor, emphasizing the necessity of a clear debt without dispute for invoking insolvency proceedings. The Tribunal highlighted the importance of debt existence and default for initiating the process, ultimately rejecting the application and forwarding the order to IBBI for record-keeping. en-us Fri, 06 Sep 2019 00:00:00 +0530 Thu, 02 Dec 2021 08:51:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299043 The Tribunal dismissed the application for initiation of Corporate Insolvency Resolution Process under section 9 of IBC, 2016 against the Corporate Debtor for outstanding professional fees. It was held that there was no privity of contract between the Applicant and the Corporate Debtor, emphasizing the necessity of a clear debt without dispute for invoking insolvency proceedings. The Tribunal highlighted the importance of debt existence and default for initiating the process, ultimately rejecting the application and forwarding the order to IBBI for record-keeping. Case-Laws Insolvency and Bankruptcy Fri, 06 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299043