https://www.taxtmi.com/caselaws?id=441638 Contemporaneous acknowledgment of liability, dishonoured cheques and unanswered demand notice under the insolvency framework supported the existence of operational debt and default, while unsubstantiated allegations of delay and deficiency of service did not amount to a genuine pre-existing dispute. In the same matter, the ongoing CIRP was viewed as an unproductive stalemate because the sole CoC member sought withdrawal, no resolution plan had emerged, and the claimed costs were found disproportionate. The process was therefore closed in exercise of inherent powers in the interests of justice, and the appeal became infructuous. en-us Thu, 10 Aug 2023 00:00:00 +0530 Sat, 12 Aug 2023 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441638 Contemporaneous acknowledgment of liability, dishonoured cheques and unanswered demand notice under the insolvency framework supported the existence of operational debt and default, while unsubstantiated allegations of delay and deficiency of service did not amount to a genuine pre-existing dispute. In the same matter, the ongoing CIRP was viewed as an unproductive stalemate because the sole CoC member sought withdrawal, no resolution plan had emerged, and the claimed costs were found disproportionate. The process was therefore closed in exercise of inherent powers in the interests of justice, and the appeal became infructuous. Case-Laws Insolvency and Bankruptcy Thu, 10 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441638