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NCLAT dismissed the appeal challenging the dismissal of a Section 9 insolvency petition. The Appellate Tribunal held that unilaterally generated invoices with interest claims cannot override the original supply agreement's terms without mutual consent. The tribunal emphasized that the Insolvency and Bankruptcy Code (IBC) is not a debt recovery mechanism and should not push corporate debtors towards liquidation. The court found no legally enforceable unpaid operational debt to trigger Corporate Insolvency Resolution Process (CIRP), thereby upholding the Adjudicating Authority's original order and rejecting the operational creditor's claim based solely on contested interest components.
NCLAT dismissed the appeal challenging the dismissal of a Section 9 insolvency petition. The Appellate Tribunal held that unilaterally generated invoices with interest claims cannot override the original supply agreement's terms without mutual consent. The tribunal emphasized that the Insolvency and Bankruptcy Code (IBC) is not a debt recovery mechanism and should not push corporate debtors towards liquidation. The court found no legally enforceable unpaid operational debt to trigger Corporate Insolvency Resolution Process (CIRP), thereby upholding the Adjudicating Authority's original order and rejecting the operational creditor's claim based solely on contested interest components.
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