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        Case ID :
        IBC

        NCLAT allowed the corporate debtor's appeal and set aside the...

        IBC s.9 CIRP admission set aside; facilitator role, no operational debt or default, claim rejected as unfounded

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                NCLAT allowed the corporate debtor's appeal and set aside the NCLT order admitting the s.9 IBC application and initiating CIRP. It held that the corporate debtor was only a facilitator under a purchase finance arrangement, not a purchaser of goods, and that payments were routed to the financier subsidiary in terms of the agreed structure. Ledger entries and admitted payments disproved any operational debt or default towards the operational creditor, rendering its claim unfounded. The defence could not be termed "moonshine". The Tribunal rejected the contention that change of registered office ousted its jurisdiction, and dismissed the s.9 application.
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