https://www.taxtmi.com/caselaws?id=411183 The petition filed by Indiabulls Distribution Services Ltd. seeking initiation of Corporate Insolvency Resolution Process against Xrbia Developers Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016 was dismissed by the National Company Law Tribunal, Mumbai Bench. The tribunal found that the petition was not maintainable due to non-compliance with the mandatory requirement of furnishing an affidavit as per the Code. Additionally, a pre-existing dispute between the parties regarding the outstanding amount and validity of the claim, as evidenced by email exchanges and attachments, led to the dismissal as no amount was deemed payable to the petitioner based on the presented circumstances. en-us Fri, 13 Aug 2021 00:00:00 +0530 Thu, 19 Aug 2021 04:50:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411183 The petition filed by Indiabulls Distribution Services Ltd. seeking initiation of Corporate Insolvency Resolution Process against Xrbia Developers Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016 was dismissed by the National Company Law Tribunal, Mumbai Bench. The tribunal found that the petition was not maintainable due to non-compliance with the mandatory requirement of furnishing an affidavit as per the Code. Additionally, a pre-existing dispute between the parties regarding the outstanding amount and validity of the claim, as evidenced by email exchanges and attachments, led to the dismissal as no amount was deemed payable to the petitioner based on the presented circumstances. Case-Laws Insolvency and Bankruptcy Fri, 13 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411183