https://www.taxtmi.com/caselaws?id=425639 The Appellate Tribunal upheld the Adjudicating Authority's decision to dismiss a Section 9 Application under the IBC by an Operational Creditor, claiming a debt of Rs. 57,25,000 as a process fee for procuring a loan for the Corporate Debtor. The Tribunal found the transaction between related parties in 2015 to be a sham, leading to the refusal to initiate CIRP. Additionally, the parties were issued a show-cause notice under Section 65(1) of the IBC for colluding with malicious intent. The Appeal was dismissed, affirming the refusal to initiate CIRP and upholding the show-cause notice for further proceedings. en-us Wed, 27 Jul 2022 00:00:00 +0530 Thu, 28 Jul 2022 09:11:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425639 The Appellate Tribunal upheld the Adjudicating Authority's decision to dismiss a Section 9 Application under the IBC by an Operational Creditor, claiming a debt of Rs. 57,25,000 as a process fee for procuring a loan for the Corporate Debtor. The Tribunal found the transaction between related parties in 2015 to be a sham, leading to the refusal to initiate CIRP. Additionally, the parties were issued a show-cause notice under Section 65(1) of the IBC for colluding with malicious intent. The Appeal was dismissed, affirming the refusal to initiate CIRP and upholding the show-cause notice for further proceedings. Case-Laws Insolvency and Bankruptcy Wed, 27 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425639