https://www.taxtmi.com/caselaws?id=305342 The Tribunal dismissed the application for initiating the Corporate Insolvency Resolution Process based on an operational debt claim against a real estate company by a communication company. The dismissal was due to the revelation of a common director between the two companies, suggesting related party transactions and a sham transaction. The Tribunal found malicious intent behind the insolvency resolution process and imposed costs on the Applicant, issuing a show cause notice for potential penalties under Section 65(1) of the Insolvency and Bankruptcy Code, 2016. en-us Tue, 17 May 2022 00:00:00 +0530 Wed, 30 Nov 2022 05:17:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305342 The Tribunal dismissed the application for initiating the Corporate Insolvency Resolution Process based on an operational debt claim against a real estate company by a communication company. The dismissal was due to the revelation of a common director between the two companies, suggesting related party transactions and a sham transaction. The Tribunal found malicious intent behind the insolvency resolution process and imposed costs on the Applicant, issuing a show cause notice for potential penalties under Section 65(1) of the Insolvency and Bankruptcy Code, 2016. Case-Laws Insolvency and Bankruptcy Tue, 17 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305342