CIRP - Dismissal of application filed u/s 7 of the Insolvency ...

Application Dismissed: No Financial Debt or Contractual Privity Found in Insolvency Case under IBC 2016.

May 18, 2024

Case Laws Insolvency and Bankruptcy AT

CIRP - Dismissal of application filed u/s 7 of the Insolvency and Bankruptcy Code, 2016 - Distinction between financial debt owed by the Corporate Debtor and the lack of privity of contract between the parties. - Despite claims by the appellants that the money was not repaid, the Tribunal found that there was no legal obligation on the part of the Corporate Debtor to repay the loan disbursed to the vendor. The Tribunal highlighted the lack of evidence supporting the money given as a loan, leading to the dismissal of the application under Section 7 of the IBC.

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CIRP - Dismissal of application filed u/s 7 of the Insolvency ...

Application Dismissed: No Financial Debt or Contractual Privity Found in Insolvency Case under IBC 2016.

May 18, 2024

Case Laws Insolvency and Bankruptcy AT

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