https://www.taxtmi.com/caselaws?id=443638 The Tribunal set aside the order initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, finding a pre-existing dispute and modified payment arrangement. The Operational Creditor's conduct indicated acceptance of the new terms, leading to the conclusion that the Section 9 application should not have been admitted. The Corporate Debtor was released from CIRP, and the Operational Creditor was directed to seek alternative legal remedies. The appeal was allowed with no costs, and the Operational Creditor was ordered to pay nominal fees and actual expenses incurred by the IRP. en-us Tue, 26 Sep 2023 00:00:00 +0530 Thu, 28 Sep 2023 08:47:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443638 The Tribunal set aside the order initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, finding a pre-existing dispute and modified payment arrangement. The Operational Creditor's conduct indicated acceptance of the new terms, leading to the conclusion that the Section 9 application should not have been admitted. The Corporate Debtor was released from CIRP, and the Operational Creditor was directed to seek alternative legal remedies. The appeal was allowed with no costs, and the Operational Creditor was ordered to pay nominal fees and actual expenses incurred by the IRP. Case-Laws Insolvency and Bankruptcy Tue, 26 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443638