https://www.taxtmi.com/caselaws?id=427686 The Appellate Tribunal allowed the appeals, set aside the NCLT's order admitting the Section 7 Application, and closed the proceedings. The Corporate Debtor, Mack Star, was released from all the rigours of law and allowed to function independently through its Board of Directors. The Tribunal observed that the fundamental scope and objective of the Insolvency and Bankruptcy Code is resolution and maximization of assets, not the recovery of loans that do not fall within the definition of financial debt. en-us Thu, 08 Sep 2022 00:00:00 +0530 Tue, 20 Sep 2022 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427686 The Appellate Tribunal allowed the appeals, set aside the NCLT's order admitting the Section 7 Application, and closed the proceedings. The Corporate Debtor, Mack Star, was released from all the rigours of law and allowed to function independently through its Board of Directors. The Tribunal observed that the fundamental scope and objective of the Insolvency and Bankruptcy Code is resolution and maximization of assets, not the recovery of loans that do not fall within the definition of financial debt. Case-Laws Insolvency and Bankruptcy Thu, 08 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427686