https://www.taxtmi.com/caselaws?id=423940 An application under the Insolvency and Bankruptcy Code, 2016 was held not maintainable where the only material relied on was an order under Section 4 of the Haryana Protection of Interest of Depositors in Financial Establishments Act, 2013. The Tribunal noted that the memorandum of undertaking was between the applicant and another entity, with no material linking the respondent to that arrangement or showing payment to the respondent. It further held that Section 4 authorises only an attachment order for protection of depositors, not a recovery order or recovery certificate, and such attachment orders cannot be treated as a judgment, decree, or recovery certificate to found a Section 7 proceeding. The application was therefore liable to be dismissed. en-us Thu, 09 Jun 2022 00:00:00 +0530 Sat, 18 Jun 2022 09:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423940 An application under the Insolvency and Bankruptcy Code, 2016 was held not maintainable where the only material relied on was an order under Section 4 of the Haryana Protection of Interest of Depositors in Financial Establishments Act, 2013. The Tribunal noted that the memorandum of undertaking was between the applicant and another entity, with no material linking the respondent to that arrangement or showing payment to the respondent. It further held that Section 4 authorises only an attachment order for protection of depositors, not a recovery order or recovery certificate, and such attachment orders cannot be treated as a judgment, decree, or recovery certificate to found a Section 7 proceeding. The application was therefore liable to be dismissed. Case-Laws Insolvency and Bankruptcy Thu, 09 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423940