https://www.taxtmi.com/caselaws?id=422552 The Company Petition filed by the Financial Creditor seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor due to default in payment was dismissed. The court found discrepancies in the transaction, indicating potential accommodation entries and unsecured loans. The Corporate Debtor's inability to justify funds received and establish the Financial Creditor's credibility led to the dismissal of the petition. The application seeking clarification on issues raised by the Income Tax Department was also disposed of, allowing the parties to pursue legal remedies independently. en-us Thu, 12 May 2022 00:00:00 +0530 Wed, 18 May 2022 08:56:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422552 The Company Petition filed by the Financial Creditor seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor due to default in payment was dismissed. The court found discrepancies in the transaction, indicating potential accommodation entries and unsecured loans. The Corporate Debtor's inability to justify funds received and establish the Financial Creditor's credibility led to the dismissal of the petition. The application seeking clarification on issues raised by the Income Tax Department was also disposed of, allowing the parties to pursue legal remedies independently. Case-Laws Insolvency and Bankruptcy Thu, 12 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422552