https://www.taxtmi.com/caselaws?id=426082 A section 7 insolvency admission may be interfered with where the factual matrix shows disputed disbursement, alleged fraud, and a transaction structure that undermines the basis of the CIRP invocation. The appellate tribunal considered the insolvency record, agreements, routing of funds, and parallel proceedings, and found that the creditor's conduct and surrounding events materially affected the foundation for insolvency relief. On that basis, the admission order was set aside and the continuance of CIRP was treated as unsustainable, with consequential restoration of control and records to the corporate debtor's management. en-us Tue, 02 Aug 2022 00:00:00 +0530 Sun, 07 Aug 2022 20:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426082 A section 7 insolvency admission may be interfered with where the factual matrix shows disputed disbursement, alleged fraud, and a transaction structure that undermines the basis of the CIRP invocation. The appellate tribunal considered the insolvency record, agreements, routing of funds, and parallel proceedings, and found that the creditor's conduct and surrounding events materially affected the foundation for insolvency relief. On that basis, the admission order was set aside and the continuance of CIRP was treated as unsustainable, with consequential restoration of control and records to the corporate debtor's management. Case-Laws Insolvency and Bankruptcy Tue, 02 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426082