https://www.taxtmi.com/caselaws?id=299636 The Tribunal dismissed the petitioner's application seeking initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency & Bankruptcy Code, 2016. The application was deemed time-barred as it was filed outside the limitation period. The Tribunal found that the amount disbursed did not constitute financial debt as defined in the IBC, as no interest payments were evidenced. Therefore, the application was not maintainable, and the Tribunal declined to issue notice to the respondent, ultimately dismissing the petition. en-us Mon, 28 Sep 2020 00:00:00 +0530 Fri, 24 Dec 2021 08:45:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299636 The Tribunal dismissed the petitioner's application seeking initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency & Bankruptcy Code, 2016. The application was deemed time-barred as it was filed outside the limitation period. The Tribunal found that the amount disbursed did not constitute financial debt as defined in the IBC, as no interest payments were evidenced. Therefore, the application was not maintainable, and the Tribunal declined to issue notice to the respondent, ultimately dismissing the petition. Case-Laws Insolvency and Bankruptcy Mon, 28 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299636