https://www.taxtmi.com/caselaws?id=756100 A section 10 application under the Insolvency and Bankruptcy Code, 2016 may be rejected even if formally complete where the corporate debtor's conduct shows lack of bona fides and an attempt to misuse insolvency to obstruct ongoing recovery action. Here, SARFAESI proceedings had already substantially advanced, including possession, auction steps and confirmation of sale, while the applicant had also pursued parallel proceedings to delay recovery. The tribunal treated this conduct as inconsistent with a genuine insolvency resolution request and found that the applicant had not approached it with clean hands. The rejection was therefore justified and the appeal failed. en-us Thu, 25 Jul 2024 00:00:00 +0530 Sat, 27 Jul 2024 08:32:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756100 A section 10 application under the Insolvency and Bankruptcy Code, 2016 may be rejected even if formally complete where the corporate debtor's conduct shows lack of bona fides and an attempt to misuse insolvency to obstruct ongoing recovery action. Here, SARFAESI proceedings had already substantially advanced, including possession, auction steps and confirmation of sale, while the applicant had also pursued parallel proceedings to delay recovery. The tribunal treated this conduct as inconsistent with a genuine insolvency resolution request and found that the applicant had not approached it with clean hands. The rejection was therefore justified and the appeal failed. Case-Laws Insolvency and Bankruptcy Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756100