https://www.taxtmi.com/caselaws?id=427914 An application under section 9 of the Insolvency and Bankruptcy Code was found within limitation because Article 137 of the Limitation Act applied and time ran from the date of default, with the last payment falling within three years of the demand notice and filing. The Tribunal also applied the settled test that an operational creditor's claim must fail where there is a real and plausible pre-existing dispute, not a spurious defence. An admitted dispute over the debit note and a pending civil suit showed a pre-existing dispute, and the advance-payment nature of the claim did not justify commencement of CIRP. The section 9 application was therefore held not maintainable. en-us Mon, 19 Sep 2022 00:00:00 +0530 Tue, 20 Sep 2022 08:19:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427914 An application under section 9 of the Insolvency and Bankruptcy Code was found within limitation because Article 137 of the Limitation Act applied and time ran from the date of default, with the last payment falling within three years of the demand notice and filing. The Tribunal also applied the settled test that an operational creditor's claim must fail where there is a real and plausible pre-existing dispute, not a spurious defence. An admitted dispute over the debit note and a pending civil suit showed a pre-existing dispute, and the advance-payment nature of the claim did not justify commencement of CIRP. The section 9 application was therefore held not maintainable. Case-Laws Insolvency and Bankruptcy Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427914