https://www.taxtmi.com/caselaws?id=423211 The Tribunal dismissed the Company Petition as there was no privity of contract between the Financial Creditor and the Corporate Debtor. It emphasized that the transaction with a sole proprietorship concern did not fall under the purview of the Insolvency and Bankruptcy Code, as sole proprietorships are not considered corporate entities. The judgment underscored the significance of legal entities and contractual relationships in insolvency proceedings, providing a thorough analysis of the issues raised. en-us Wed, 18 May 2022 00:00:00 +0530 Thu, 02 Jun 2022 08:41:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423211 The Tribunal dismissed the Company Petition as there was no privity of contract between the Financial Creditor and the Corporate Debtor. It emphasized that the transaction with a sole proprietorship concern did not fall under the purview of the Insolvency and Bankruptcy Code, as sole proprietorships are not considered corporate entities. The judgment underscored the significance of legal entities and contractual relationships in insolvency proceedings, providing a thorough analysis of the issues raised. Case-Laws Insolvency and Bankruptcy Wed, 18 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423211