https://www.taxtmi.com/caselaws?id=422054 The Tribunal dismissed the appeal as it found no privity of contract between the Petitioner and the Corporate Debtor, no evidence of financial debt as per the Insolvency and Bankruptcy Code, 2016, and no acknowledgment of debt in the balance sheets. The agreements presented were deemed not binding on the Corporate Debtor. The Tribunal emphasized that the claimed amounts did not meet the criteria of 'Financial Debt' under the Code, stating that the IBC is not meant for recovery or settling collateral disputes. The appeal was thus dismissed, upholding the Adjudicating Authority's decision. en-us Wed, 04 May 2022 00:00:00 +0530 Sat, 07 May 2022 06:36:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422054 The Tribunal dismissed the appeal as it found no privity of contract between the Petitioner and the Corporate Debtor, no evidence of financial debt as per the Insolvency and Bankruptcy Code, 2016, and no acknowledgment of debt in the balance sheets. The agreements presented were deemed not binding on the Corporate Debtor. The Tribunal emphasized that the claimed amounts did not meet the criteria of 'Financial Debt' under the Code, stating that the IBC is not meant for recovery or settling collateral disputes. The appeal was thus dismissed, upholding the Adjudicating Authority's decision. Case-Laws Insolvency and Bankruptcy Wed, 04 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422054