https://www.taxtmi.com/caselaws?id=304339 The Tribunal rejected the Application under section 9 of the I&B Code for initiating CIRP against the Corporate Debtor due to a claim of default amounting to (`) 10,89,13,983/-. The rejection was based on the bar of limitation raised by the Corporate Debtor and the nature of the claim amount, which was an advance payment for goods not supplied. The Tribunal held that the Application was not maintainable as it was time-barred and the claim did not qualify as an 'Operational Debt'. The Applicant was advised to pursue the matter through the appropriate legal channels. en-us Tue, 15 Oct 2019 00:00:00 +0530 Thu, 22 Sep 2022 07:38:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304339 The Tribunal rejected the Application under section 9 of the I&B Code for initiating CIRP against the Corporate Debtor due to a claim of default amounting to (`) 10,89,13,983/-. The rejection was based on the bar of limitation raised by the Corporate Debtor and the nature of the claim amount, which was an advance payment for goods not supplied. The Tribunal held that the Application was not maintainable as it was time-barred and the claim did not qualify as an 'Operational Debt'. The Applicant was advised to pursue the matter through the appropriate legal channels. Case-Laws Insolvency and Bankruptcy Tue, 15 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304339