https://www.taxtmi.com/caselaws?id=302249 The Tribunal dismissed the Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to lack of privity of contract, absence of financial debt, the claim being time-barred, and the requirement for adjudication by a regular civil court. The claims based on the Supplementary Retirement Deed were found insufficient to establish a binding agreement of financial debt between the Petitioner and the Corporate Debtor. The Tribunal emphasized that the IBC does not address recovery but insolvency, and since the Corporate Debtor was not insolvent, the petition was not admissible. en-us Wed, 29 Sep 2021 00:00:00 +0530 Wed, 11 May 2022 20:41:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302249 The Tribunal dismissed the Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to lack of privity of contract, absence of financial debt, the claim being time-barred, and the requirement for adjudication by a regular civil court. The claims based on the Supplementary Retirement Deed were found insufficient to establish a binding agreement of financial debt between the Petitioner and the Corporate Debtor. The Tribunal emphasized that the IBC does not address recovery but insolvency, and since the Corporate Debtor was not insolvent, the petition was not admissible. Case-Laws Insolvency and Bankruptcy Wed, 29 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302249