https://www.taxtmi.com/caselaws?id=435361 The court found that the financial loan claimed did not qualify as 'financial debt' under the IBC due to lack of requisite documentation, rendering the section 7 application and CIRP initiation legally untenable. The admission of the section 7 application and CIRP initiation were deemed improper, suggesting fraudulent actions. The constitution of the CoC with 'related parties' was illegal, making all decisions invalid. The actions of the Resolution Professional were biased and non-compliant with IBC provisions. The Successful Resolution Applicant was disqualified for being a 'related party.' The court set aside the CIRP initiation, imposed penalties, ordered refunds, and directed investigations into the RP's conduct. en-us Mon, 09 Jan 2023 00:00:00 +0530 Sat, 18 Mar 2023 08:28:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435361 The court found that the financial loan claimed did not qualify as 'financial debt' under the IBC due to lack of requisite documentation, rendering the section 7 application and CIRP initiation legally untenable. The admission of the section 7 application and CIRP initiation were deemed improper, suggesting fraudulent actions. The constitution of the CoC with 'related parties' was illegal, making all decisions invalid. The actions of the Resolution Professional were biased and non-compliant with IBC provisions. The Successful Resolution Applicant was disqualified for being a 'related party.' The court set aside the CIRP initiation, imposed penalties, ordered refunds, and directed investigations into the RP's conduct. Case-Laws Insolvency and Bankruptcy Mon, 09 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435361