https://www.taxtmi.com/caselaws?id=301335 An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 cannot be admitted unless the operational creditor establishes a clear operational debt and a crystallized default. Where invoices and ledger entries are met by the corporate debtor's contrary accounts, the correspondence shows a liability dispute, and the debit and credit entries remain unreconciled, the alleged debt is not ascertainable in summary insolvency proceedings. In that situation, the claim is better left to civil proceedings or arbitration rather than insolvency admission. en-us Tue, 05 May 2020 00:00:00 +0530 Mon, 28 Mar 2022 20:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301335 An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 cannot be admitted unless the operational creditor establishes a clear operational debt and a crystallized default. Where invoices and ledger entries are met by the corporate debtor's contrary accounts, the correspondence shows a liability dispute, and the debit and credit entries remain unreconciled, the alleged debt is not ascertainable in summary insolvency proceedings. In that situation, the claim is better left to civil proceedings or arbitration rather than insolvency admission. Case-Laws Insolvency and Bankruptcy Tue, 05 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301335