The Tribunal addressed the maintainability of an application for ...

Operational Creditor's claim rejected due to lack of proof of debt within limitation period. Initiation of CIRP denied.

Case Laws Insolvency and Bankruptcy

June 22, 2024

The Tribunal addressed the maintainability of an application for initiation of Corporate Insolvency Resolution Process (CIRP) by an Operational Creditor (OC) against a Corporate Debtor (CD). The OC claimed default in payment by the CD but failed to provide invoices as evidence. Despite a demand notice under Section 8 of the IBC and a bank statement showing a partial payment, the Tribunal found the application time-barred as it was filed beyond the three-year limitation period from the alleged default date. The Tribunal emphasized the importance of proving debt and default before initiating CIRP, ultimately rejecting the application under Section 9 of the IBC.

View Source

← Previous Next →

The Tribunal addressed the maintainability of an application for ...

Operational Creditor's claim rejected due to lack of proof of debt within limitation period. Initiation of CIRP denied.

Case Laws Insolvency and Bankruptcy

June 22, 2024

You may also like:

Initiation of CIRP u/s 9 - time limitation - threshold limit of amount claimed - With respect to 234 invoices, which are payable within 30 days of the invoices, 224...

Initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Debt or not - courier service agreement for delivery service - the applicant...

Initiation of CIRP - the operational creditor is a sole proprietorship firm and would fall within the definition of a person. An Operational Creditor means a person to...

Initiation of CIRP - Insurance Company has made payment to the Operational Creditor of its claim - third party liability - Liability of Corporate debtor to discharge its...

Power of RP to admit the Claims suo-motu - There is no such provision that the IRP shall admit the Claim without filing a Claim either in Form-B or in Form-C. - the IRP...

Claim of Tax Dues after the Approval of Resolution Plan - CIRP process - Operational Debt or not - no claim was filed by the Appellants before the Resolution...

Initiation of CIRP - Failure to pay outstanding salary dues to the employees - Operational Creditor has not received his dues from the Corporate Debtor and the...

Scope of duty of RP - Seeking acceptance of the claims which had been rejected by the Resolution Professional - Proof of services provided and debts - The NCLAT held...

Initiation of CIRP - Operational Debt or not - Nature of transaction between the parties for taking over the Company - When the Operational Creditor acted in pursuance...

Right to apply under Section 9 of IBC - Regulatory Dues versus Operational Debt’ - failure to pay requisite Annual Listing fees (“ALF”) on or before the 30th day of...

CIRP - Classification of the claim - Claim as contingent due to pending litigation - Citing legal precedent, the Tribunal upheld the classification of the claim at a...

CIRP - Service of notice when admitted claim of Operational Creditors is 10% - It is held that it is incumbent upon the RP to serve notice of each meeting of the CoC to...

Approval of Resolution Plan - statutory dues (tax liability) - the claim of the Appellant is an Operational Debt and for all purposes the I&B Code, 2016 shall only apply....

Pecuniary Jurisdiction - whether non-payment of TDS amount is debt or not - Present is a case where the Operational Creditor has misused the process of I&B Code in...

Initiation of CIRP - operational debt claimed by RCL was due and payable or not - While the initial operational debt was cleared, issues related to GST payments and...

Quick Updates: