https://www.taxtmi.com/caselaws?id=420412 The Tribunal dismissed the application for the initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Applicant failed to meet the mandatory threshold requirements as per the IBC (Amendment) Act, 2020, and the mutual agreement was deemed a consequence of the original transaction, not a standalone agreement. The Tribunal emphasized that it is not a recovery forum and that the application did not comply with the amended provisions of the IBC. en-us Fri, 25 Mar 2022 00:00:00 +0530 Sat, 02 Apr 2022 08:33:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420412 The Tribunal dismissed the application for the initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Applicant failed to meet the mandatory threshold requirements as per the IBC (Amendment) Act, 2020, and the mutual agreement was deemed a consequence of the original transaction, not a standalone agreement. The Tribunal emphasized that it is not a recovery forum and that the application did not comply with the amended provisions of the IBC. Case-Laws Insolvency and Bankruptcy Fri, 25 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420412