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The Appellate Tribunal dismissed the appeal filed by the Operational Creditor u/s 9 of the Insolvency and Bankruptcy Code, 2016. The application was initially rejected by the NCLT on the grounds of a pre-existing dispute regarding the issuance of a No Objection Certificate (NOC) by the Operational Creditor to the Corporate Debtor for registering the copyright of a TVC. The Terms and Conditions stipulated that the Operational Creditor would provide the necessary NOC for IP registration, which it failed to do despite repeated demands from the Corporate Debtor. The dispute was genuine, supported by evidence, and arose before the issuance of the Section 8 notice, qualifying as a "pre-existing dispute" - a valid ground for rejecting the Section 9 application. The Appellate Tribunal upheld the NCLT's order, finding no merit in the appeal.
The Appellate Tribunal dismissed the appeal filed by the Operational Creditor u/s 9 of the Insolvency and Bankruptcy Code, 2016. The application was initially rejected by the NCLT on the grounds of a pre-existing dispute regarding the issuance of a No Objection Certificate (NOC) by the Operational Creditor to the Corporate Debtor for registering the copyright of a TVC. The Terms and Conditions stipulated that the Operational Creditor would provide the necessary NOC for IP registration, which it failed to do despite repeated demands from the Corporate Debtor. The dispute was genuine, supported by evidence, and arose before the issuance of the Section 8 notice, qualifying as a "pre-existing dispute" - a valid ground for rejecting the Section 9 application. The Appellate Tribunal upheld the NCLT's order, finding no merit in the appeal.
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