https://www.taxtmi.com/caselaws?id=428121 The Tribunal overturned the Adjudicating Authority's decision to classify the Respondent's claim as a financial debt, ruling that it did not meet the criteria under the Insolvency and Bankruptcy Code. Additionally, the Tribunal deemed the claim inadmissible due to being filed significantly beyond the prescribed timelines of the Corporate Insolvency Resolution Process. Furthermore, the Tribunal clarified that the Resolution Professional cannot admit claims without formal submission by creditors, emphasizing adherence to the prescribed claim submission procedures outlined in the IBC. The Tribunal set aside the Adjudicating Authority's order and deemed it illegal, ultimately allowing the appeal and confirming the interim order. en-us Mon, 19 Sep 2022 00:00:00 +0530 Fri, 23 Sep 2022 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428121 The Tribunal overturned the Adjudicating Authority's decision to classify the Respondent's claim as a financial debt, ruling that it did not meet the criteria under the Insolvency and Bankruptcy Code. Additionally, the Tribunal deemed the claim inadmissible due to being filed significantly beyond the prescribed timelines of the Corporate Insolvency Resolution Process. Furthermore, the Tribunal clarified that the Resolution Professional cannot admit claims without formal submission by creditors, emphasizing adherence to the prescribed claim submission procedures outlined in the IBC. The Tribunal set aside the Adjudicating Authority's order and deemed it illegal, ultimately allowing the appeal and confirming the interim order. Case-Laws Insolvency and Bankruptcy Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428121