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Insolvency and BankruptcyMarch 30, 2024Case LawsAT
Admission of section 9 application - Operational Creditors - debt payable or not - NCLAT noted that the existence of the operational debt was established, and the Appellant failed to refute the observations regarding the Reply Notice. - Regarding the back-to-back payment arrangement, the Tribunal determined that the contract terms did not support the Appellant's claim. Payments were to be made based on running accounts, not solely dependent on funds received from a third party. - The Tribunal concluded that there was no evidence of a prior dispute raised by the Appellant before the demand notice. Additionally, the invocation of the arbitration clause was not pursued by the Appellant, raising questions about bonafide intentions.
Admission of section 9 application - Operational Creditors - debt payable or not - NCLAT noted that the existence of the operational debt was established, and the Appellant failed to refute the observations regarding the Reply Notice. - Regarding the back-to-back payment arrangement, the Tribunal determined that the contract terms did not support the Appellant's claim. Payments were to be made based on running accounts, not solely dependent on funds received from a third party. - The Tribunal concluded that there was no evidence of a prior dispute raised by the Appellant before the demand notice. Additionally, the invocation of the arbitration clause was not pursued by the Appellant, raising questions about bonafide intentions.
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