https://www.taxtmi.com/caselaws?id=425693 The application under Section 9 of the IBC for initiation of CIRP due to default in paying operational debt was rejected by the Adjudicating Authority. The dispute over the amount payable by the Corporate Debtor to the Operational Creditor was deemed a serious issue requiring a detailed hearing in the appropriate forum. Citing precedent, the Authority held the application was not maintainable due to the unresolved dispute, leading to the rejection of the application without costs awarded to either party. The case was closed with instructions for the Registry to provide copies of the order to both parties. en-us Wed, 20 Jul 2022 00:00:00 +0530 Fri, 29 Jul 2022 09:15:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425693 The application under Section 9 of the IBC for initiation of CIRP due to default in paying operational debt was rejected by the Adjudicating Authority. The dispute over the amount payable by the Corporate Debtor to the Operational Creditor was deemed a serious issue requiring a detailed hearing in the appropriate forum. Citing precedent, the Authority held the application was not maintainable due to the unresolved dispute, leading to the rejection of the application without costs awarded to either party. The case was closed with instructions for the Registry to provide copies of the order to both parties. Case-Laws Insolvency and Bankruptcy Wed, 20 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425693