https://www.taxtmi.com/caselaws?id=437442 The Appellate Tribunal set aside the order initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, emphasizing that the Insolvency and Bankruptcy Code (IBC) is not meant for debt recovery. The Tribunal highlighted that Section 9 applications should only be admitted in clear cases without real disputes. The Tribunal noted the Adjudicating Authority's error in disregarding pre-existing disputes and relying solely on a specific email. The appeal was allowed, releasing the Corporate Debtor from CIRP, and granting the Operational Creditor the option to pursue other legal remedies for its dues. en-us Thu, 04 May 2023 00:00:00 +0530 Fri, 05 May 2023 22:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437442 The Appellate Tribunal set aside the order initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, emphasizing that the Insolvency and Bankruptcy Code (IBC) is not meant for debt recovery. The Tribunal highlighted that Section 9 applications should only be admitted in clear cases without real disputes. The Tribunal noted the Adjudicating Authority's error in disregarding pre-existing disputes and relying solely on a specific email. The appeal was allowed, releasing the Corporate Debtor from CIRP, and granting the Operational Creditor the option to pursue other legal remedies for its dues. Case-Laws Insolvency and Bankruptcy Thu, 04 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437442