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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.
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