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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.
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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