https://www.taxtmi.com/caselaws?id=419600 The Adjudicating Authority dismissed the Section 9 application filed by the Operational Creditor, ruling that there was no privity of contract between the Operational Creditor and the Corporate Debtor. The Corporate Debtor's liability was limited to payments for certified invoices, and the absence of certification from FCIPL and EIL absolved the Corporate Debtor from further payment obligations. The Authority emphasized that the Corporate Debtor's obligations were defined by the assurance letters and that the Operational Creditor failed to meet the necessary payment conditions. The appeal was ultimately rejected, upholding the Adjudicating Authority's decision. en-us Mon, 14 Mar 2022 00:00:00 +0530 Wed, 16 Mar 2022 10:17:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419600 The Adjudicating Authority dismissed the Section 9 application filed by the Operational Creditor, ruling that there was no privity of contract between the Operational Creditor and the Corporate Debtor. The Corporate Debtor's liability was limited to payments for certified invoices, and the absence of certification from FCIPL and EIL absolved the Corporate Debtor from further payment obligations. The Authority emphasized that the Corporate Debtor's obligations were defined by the assurance letters and that the Operational Creditor failed to meet the necessary payment conditions. The appeal was ultimately rejected, upholding the Adjudicating Authority's decision. Case-Laws Insolvency and Bankruptcy Mon, 14 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419600