Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
Insolvency and BankruptcyMarch 15, 2024Case LawsAT
Admission of section 9 application - initiation of CIRP - pre-existing disputes or not - he National Company Law Appellate Tribunal (NCLAT) found ample evidence of a pre-existing dispute between the parties. The correspondences and the issues raised by the Corporate Debtor regarding the quality and supply of cables were sufficient to establish a dispute. The court highlighted that the operational creditor's failure to respond to the Corporate Debtor's notices and to file a Section 9 application promptly after receiving the dispute notice further indicated the persistence of a dispute. - The NCLAT set aside the NCLT's order and dismissed the Section 9 application filed by the operational creditor.
Admission of section 9 application - initiation of CIRP - pre-existing disputes or not - he National Company Law Appellate Tribunal (NCLAT) found ample evidence of a pre-existing dispute between the parties. The correspondences and the issues raised by the Corporate Debtor regarding the quality and supply of cables were sufficient to establish a dispute. The court highlighted that the operational creditor's failure to respond to the Corporate Debtor's notices and to file a Section 9 application promptly after receiving the dispute notice further indicated the persistence of a dispute. - The NCLAT set aside the NCLT's order and dismissed the Section 9 application filed by the operational creditor.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
