https://www.taxtmi.com/caselaws?id=422547 The Tribunal rejected the application for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC) as the claimed amount was deemed operational debt, not financial debt. The decision was based on the analysis of the original transaction, terms of the sub-contract, and settlement agreement, clarifying that the disputed amount did not meet the requirements to be classified as financial debt under the IBC. en-us Wed, 27 Apr 2022 00:00:00 +0530 Wed, 18 May 2022 08:56:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422547 The Tribunal rejected the application for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC) as the claimed amount was deemed operational debt, not financial debt. The decision was based on the analysis of the original transaction, terms of the sub-contract, and settlement agreement, clarifying that the disputed amount did not meet the requirements to be classified as financial debt under the IBC. Case-Laws Insolvency and Bankruptcy Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422547