Corporate Insolvency Case Shows Misuse of IBC for Unpaid Invoice Already Marked Paid, Lacking Proper Documentation.

Corporate Insolvency Case Shows Misuse of IBC for Unpaid Invoice Already Marked Paid, Lacking Proper Documentation. https://www.taxtmi.com/highlights?id=63040 Initiation of CIRP - here is a case wherein the allegedly unpaid invoice already stands paid in the records of the Operational creditor himself, charging of the interest where no provision exists and all this being bereft of any worthwhile documentation Such matters serve as poor examples of the treatment of the IBC as an ad-hoc recovery mechanism and that too without adducing any substantive logic and fulfillment of the necessary documentation as required by the code provisions. - Tri en-us Fri, 22 Apr 2022 08:25:37 +0530 Fri, 22 Apr 2022 08:25:37 +0530 TaxTMI RSS Generator Corporate Insolvency Case Shows Misuse of IBC for Unpaid Invoice Already Marked Paid, Lacking Proper Documentation. https://www.taxtmi.com/highlights?id=63040 Initiation of CIRP - here is a case wherein the allegedly unpaid invoice already stands paid in the records of the Operational creditor himself, charging of the interest where no provision exists and all this being bereft of any worthwhile documentation Such matters serve as poor examples of the treatment of the IBC as an ad-hoc recovery mechanism and that too without adducing any substantive logic and fulfillment of the necessary documentation as required by the code provisions. - Tri Highlights Insolvency and Bankruptcy Fri, 22 Apr 2022 08:25:37 +0530 https://www.taxtmi.com/highlights?id=63040