https://www.taxtmi.com/caselaws?id=427070 The Tribunal rejected the petition filed by Financial Creditors seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditors did not meet the eligibility criteria as they failed to represent the required minimum percentage of allottees. The disputed transaction regarding the corpus fund was not classified as financial debt, and the non-disclosure of a pending Consumer Complaint further weakened the petition. The Tribunal concluded that the petition was invalid and subsequently rejected it. en-us Tue, 30 Aug 2022 00:00:00 +0530 Thu, 01 Sep 2022 08:29:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427070 The Tribunal rejected the petition filed by Financial Creditors seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditors did not meet the eligibility criteria as they failed to represent the required minimum percentage of allottees. The disputed transaction regarding the corpus fund was not classified as financial debt, and the non-disclosure of a pending Consumer Complaint further weakened the petition. The Tribunal concluded that the petition was invalid and subsequently rejected it. Case-Laws Insolvency and Bankruptcy Tue, 30 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427070