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Insolvency and BankruptcyAugust 13, 2024Case LawsAT
The case involves a Section 9 application to determine if payment for ten invoices by the Operational Creditor was time-barred and if a preexisting dispute existed. The Corporate Debtor argued the claims were time-barred, as the limitation period expired before the filing of the Section 9 application. The Adjudicating Authority found the first ten invoices time-barred due to the expiration of the limitation period. Regarding the 11th invoice, a preexisting dispute was identified, leading to the rejection of the Section 9 application. The NCLAT upheld the decision, dismissing the appeal.
The case involves a Section 9 application to determine if payment for ten invoices by the Operational Creditor was time-barred and if a preexisting dispute existed. The Corporate Debtor argued the claims were time-barred, as the limitation period expired before the filing of the Section 9 application. The Adjudicating Authority found the first ten invoices time-barred due to the expiration of the limitation period. Regarding the 11th invoice, a preexisting dispute was identified, leading to the rejection of the Section 9 application. The NCLAT upheld the decision, dismissing the appeal.
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