https://www.taxtmi.com/caselaws?id=782694 Admission of insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code was quashed because the financial creditor's claim had already been fully satisfied under an approved one time settlement before the admission order. The tribunal noted that the object of initiating CIRP stood achieved once the admitted debt was settled in full, and no useful purpose would be served by continuing insolvency proceedings. The pending application under Section 12A was left open for consideration by the adjudicating authority, subject to compliance with the required formalities, including submission of relevant financial statements. en-us Mon, 13 Oct 2025 00:00:00 +0530 Wed, 03 Dec 2025 08:57:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782694 Admission of insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code was quashed because the financial creditor's claim had already been fully satisfied under an approved one time settlement before the admission order. The tribunal noted that the object of initiating CIRP stood achieved once the admitted debt was settled in full, and no useful purpose would be served by continuing insolvency proceedings. The pending application under Section 12A was left open for consideration by the adjudicating authority, subject to compliance with the required formalities, including submission of relevant financial statements. Case-Laws IBC Mon, 13 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782694