Profiteering in construction services for failure to pass input tax credit resulted in repayment exceeding the commensurate benefit and closure of pro...
Pre-existing contractual disputes embedded in prior settlement instruments and allocation agreements required contractual interpretation and quantification of liabilities, therefore they constituted a bona fide pre-existing dispute under the insolvency code and barred admission of a Section 9 petition; the tribunal affirmed the adjudicating authority's refusal to commence CIRP and noted estoppel and absence of a spurious defence, allowing the operational creditor to pursue remedies before appropriate fora.
Pre-existing contractual disputes embedded in prior settlement instruments and allocation agreements required contractual interpretation and quantification of liabilities, therefore they constituted a bona fide pre-existing dispute under the insolvency code and barred admission of a Section 9 petition; the tribunal affirmed the adjudicating authority's refusal to commence CIRP and noted estoppel and absence of a spurious defence, allowing the operational creditor to pursue remedies before appropriate fora.
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