https://www.taxtmi.com/highlights?id=65034 Initiation of CIRP - If IBC is purely used for the purpose of Debt Recovery, particularly when the amounts due are small, and the Company is a solvent entity and is a going concern, the question of ‘Reorganising’ or ‘Resolution of the Company’ does not arise - the Adjudicating Authority should use its discretion in admitting/ rejecting an Application. In the instant case, the Adjudicating Authority has rightly rejected the Application - AT en-us Tue, 09 Aug 2022 08:45:02 +0530 Tue, 09 Aug 2022 08:45:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=65034 Initiation of CIRP - If IBC is purely used for the purpose of Debt Recovery, particularly when the amounts due are small, and the Company is a solvent entity and is a going concern, the question of ‘Reorganising’ or ‘Resolution of the Company’ does not arise - the Adjudicating Authority should use its discretion in admitting/ rejecting an Application. In the instant case, the Adjudicating Authority has rightly rejected the Application - AT Highlights Insolvency and Bankruptcy Tue, 09 Aug 2022 08:45:02 +0530 https://www.taxtmi.com/highlights?id=65034