https://www.taxtmi.com/caselaws?id=423264 A Section 9 IBC application was found not maintainable where the parties had already settled the debt and the settlement terms provided for payment in instalments by cheque or RTGS. The record showed an attempted RTGS transfer of the first instalment, but the remittance failed because the beneficiary account had been closed, and the material indicated an intention to comply with the agreed mode of payment. On that basis, the Tribunal held that no cause of action had arisen to initiate CIRP and that the applicant had not approached the Tribunal with clean hands. The application was rejected. en-us Mon, 23 May 2022 00:00:00 +0530 Fri, 03 Jun 2022 08:26:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423264 A Section 9 IBC application was found not maintainable where the parties had already settled the debt and the settlement terms provided for payment in instalments by cheque or RTGS. The record showed an attempted RTGS transfer of the first instalment, but the remittance failed because the beneficiary account had been closed, and the material indicated an intention to comply with the agreed mode of payment. On that basis, the Tribunal held that no cause of action had arisen to initiate CIRP and that the applicant had not approached the Tribunal with clean hands. The application was rejected. Case-Laws Insolvency and Bankruptcy Mon, 23 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423264