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NCLAT set aside the impugned NCLT order dismissing the Section 7 IBC, 2016 petition and remanded the matter for fresh adjudication. The Tribunal found the NCLT failed to interpret clause 9 of the 09.05.2019 agreement and the 07.01.2020 Assignment Deed, and did not assess whether the Respondent admitted liability via agreement, acknowledgment or correspondence. The NCLT is directed to restore the petition to its original number and decide afresh after examining the Agreement, Assignment Deed, acknowledgment and communications on record. The Respondent is at liberty to advance all defenses before the NCLT. Appeal disposed.
NCLAT set aside the impugned NCLT order dismissing the Section 7 IBC, 2016 petition and remanded the matter for fresh adjudication. The Tribunal found the NCLT failed to interpret clause 9 of the 09.05.2019 agreement and the 07.01.2020 Assignment Deed, and did not assess whether the Respondent admitted liability via agreement, acknowledgment or correspondence. The NCLT is directed to restore the petition to its original number and decide afresh after examining the Agreement, Assignment Deed, acknowledgment and communications on record. The Respondent is at liberty to advance all defenses before the NCLT. Appeal disposed.
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