https://www.taxtmi.com/caselaws?id=300049 A Section 7 Insolvency and Bankruptcy Code application may be rejected where the petition is effectively used as a recovery mechanism rather than to address a genuine default warranting corporate insolvency resolution. The Tribunal noted existing recovery proceedings, a recovery certificate, continuing disputes between the parties, and related proceedings before other fora. On that basis, it found no justified foundation for initiating corporate insolvency resolution process and declined admission of the petition. en-us Tue, 20 Aug 2019 00:00:00 +0530 Tue, 11 Jan 2022 08:34:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300049 A Section 7 Insolvency and Bankruptcy Code application may be rejected where the petition is effectively used as a recovery mechanism rather than to address a genuine default warranting corporate insolvency resolution. The Tribunal noted existing recovery proceedings, a recovery certificate, continuing disputes between the parties, and related proceedings before other fora. On that basis, it found no justified foundation for initiating corporate insolvency resolution process and declined admission of the petition. Case-Laws Insolvency and Bankruptcy Tue, 20 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300049