https://www.taxtmi.com/caselaws?id=431491 The Tribunal upheld the Adjudicating Authority's decision to dismiss the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to the Appellant's failure to substantiate the claim of financial debt, lack of sufficient evidence, and non-compliance with procedural requirements. The appeal was dismissed, affirming that the initiation of Corporate Insolvency Resolution Process (CIRP) should not be done mechanically and must be based on substantial evidence and adherence to the prescribed procedures. en-us Fri, 09 Dec 2022 00:00:00 +0530 Thu, 15 Dec 2022 09:30:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431491 The Tribunal upheld the Adjudicating Authority's decision to dismiss the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to the Appellant's failure to substantiate the claim of financial debt, lack of sufficient evidence, and non-compliance with procedural requirements. The appeal was dismissed, affirming that the initiation of Corporate Insolvency Resolution Process (CIRP) should not be done mechanically and must be based on substantial evidence and adherence to the prescribed procedures. Case-Laws Insolvency and Bankruptcy Fri, 09 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431491