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NCLAT, in appeal by the Operational Creditor, upheld dismissal of a S.9 IBC application on the ground that the statutory threshold under S.4 IBC was not satisfactorily established. The Tribunal noted that the revised computation of debt and interest, allegedly excluding invoices covered by the S.10A bar, was opaque and not invoice-wise correlated. The interest was calculated on a straight-line basis without specifying periods per invoice, and it was unclear whether invoices raised during the S.10A period were segregated and excluded. Given the lack of clarity in the 21.05.2024 invoice, the Adjudicating Authority's conclusion that the threshold requirement was not met was sustained, and the appeal was dismissed.
NCLAT, in appeal by the Operational Creditor, upheld dismissal of a S.9 IBC application on the ground that the statutory threshold under S.4 IBC was not satisfactorily established. The Tribunal noted that the revised computation of debt and interest, allegedly excluding invoices covered by the S.10A bar, was opaque and not invoice-wise correlated. The interest was calculated on a straight-line basis without specifying periods per invoice, and it was unclear whether invoices raised during the S.10A period were segregated and excluded. Given the lack of clarity in the 21.05.2024 invoice, the Adjudicating Authority's conclusion that the threshold requirement was not met was sustained, and the appeal was dismissed.
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