https://www.taxtmi.com/highlights?id=78723 The Tribunal addressed the maintainability of an application for initiation of Corporate Insolvency Resolution Process (CIRP) by an Operational Creditor (OC) against a Corporate Debtor (CD). The OC claimed default in payment by the CD but failed to provide invoices as evidence. Despite a demand notice under Section 8 of the IBC and a bank statement showing a partial payment, the Tribunal found the application time-barred as it was filed beyond the three-year limitation period from the alleged default date. The Tribunal emphasized the importance of proving debt and default before initiating CIRP, ultimately rejecting the application under Section 9 of the IBC. en-us Sat, 22 Jun 2024 08:35:51 +0530 Sat, 22 Jun 2024 08:35:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78723 The Tribunal addressed the maintainability of an application for initiation of Corporate Insolvency Resolution Process (CIRP) by an Operational Creditor (OC) against a Corporate Debtor (CD). The OC claimed default in payment by the CD but failed to provide invoices as evidence. Despite a demand notice under Section 8 of the IBC and a bank statement showing a partial payment, the Tribunal found the application time-barred as it was filed beyond the three-year limitation period from the alleged default date. The Tribunal emphasized the importance of proving debt and default before initiating CIRP, ultimately rejecting the application under Section 9 of the IBC. Highlights Insolvency and Bankruptcy Sat, 22 Jun 2024 08:35:51 +0530 https://www.taxtmi.com/highlights?id=78723