https://www.taxtmi.com/caselaws?id=767590 The Tribunal concluded that the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, was inappropriate. The Corporate Debtor had substantially complied with a settlement agreement by paying 20 out of 21 instalments, with the final payment delayed due to calculation disputes. The Tribunal found that the Section 9 application was not justified as the final instalment was paid during the proceedings, and the debt was acknowledged as discharged by the Respondent's counsel. Consequently, the appeal was allowed, and the order admitting the Section 9 application was set aside. en-us Wed, 19 Mar 2025 00:00:00 +0530 Fri, 21 Mar 2025 08:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767590 The Tribunal concluded that the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, was inappropriate. The Corporate Debtor had substantially complied with a settlement agreement by paying 20 out of 21 instalments, with the final payment delayed due to calculation disputes. The Tribunal found that the Section 9 application was not justified as the final instalment was paid during the proceedings, and the debt was acknowledged as discharged by the Respondent's counsel. Consequently, the appeal was allowed, and the order admitting the Section 9 application was set aside. Case-Laws IBC Wed, 19 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767590