https://www.taxtmi.com/caselaws?id=802376 Separate corporate personalities mean that a parent company is not liable for its subsidiary's operational debt merely because of their corporate relationship. A unilateral letter does not itself novate the underlying contract. Assessment of an alleged debt transfer may involve contractual exclusions of pre-closing liabilities, contracts not novated by closing, and subsequent letters, part-payments and cheques. Section 9 of the Insolvency and Bankruptcy Code cannot substitute for recovery or adjudication of a disputed commercial claim. en-us Wed, 04 Nov 2026 00:00:00 +0530 Thu, 05 Nov 2026 07:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=802376 Separate corporate personalities mean that a parent company is not liable for its subsidiary's operational debt merely because of their corporate relationship. A unilateral letter does not itself novate the underlying contract. Assessment of an alleged debt transfer may involve contractual exclusions of pre-closing liabilities, contracts not novated by closing, and subsequent letters, part-payments and cheques. Section 9 of the Insolvency and Bankruptcy Code cannot substitute for recovery or adjudication of a disputed commercial claim. Case-Laws IBC Wed, 04 Nov 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=802376