https://www.taxtmi.com/caselaws?id=419715 The Tribunal rejected the petition for the initiation of the corporate insolvency resolution process against M/s. Nishan Systems Private Limited by M/s. Global Infonet Distribution Private Limited. The Tribunal found that the debt claimed by the Operational Creditor had already been settled by the Corporate Debtor, emphasizing the lack of credibility in the Liquidator's claim of unpaid debt. The Tribunal highlighted the procedural lapse of the Liquidator in continuing the proceedings without proper authorization. The petition was dismissed due to lack of merit, with the Tribunal acknowledging pre-existing disputes and the full settlement of the claimed amount by the Corporate Debtor. en-us Wed, 09 Mar 2022 00:00:00 +0530 Sat, 19 Mar 2022 07:35:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419715 The Tribunal rejected the petition for the initiation of the corporate insolvency resolution process against M/s. Nishan Systems Private Limited by M/s. Global Infonet Distribution Private Limited. The Tribunal found that the debt claimed by the Operational Creditor had already been settled by the Corporate Debtor, emphasizing the lack of credibility in the Liquidator's claim of unpaid debt. The Tribunal highlighted the procedural lapse of the Liquidator in continuing the proceedings without proper authorization. The petition was dismissed due to lack of merit, with the Tribunal acknowledging pre-existing disputes and the full settlement of the claimed amount by the Corporate Debtor. Case-Laws Insolvency and Bankruptcy Wed, 09 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419715