NCLT's Section 9 CIRP Admission Overturned Due to Lack of Undisputed Debt and Incomplete Fact Consideration.

NCLT's Section 9 CIRP Admission Overturned Due to Lack of Undisputed Debt and Incomplete Fact Consideration. https://www.taxtmi.com/highlights?id=67794 Initiation of CIRP - existence of debt and dispute or not - Operational Creditors - NCLT admitted the application - The present is not a case where there is an undisputed debt for which insolvency can be initiated against the Corporate Debtor. The Adjudicating Authority having heard the matter ex-parte has failed to appreciate the facts of the case in its entirety and therefore committed an error in admitting the Section 9 application and we therefore hold that the impugned order passed is unsustainable. - AT en-us Thu, 19 Jan 2023 12:28:56 +0530 Thu, 19 Jan 2023 12:28:56 +0530 TaxTMI RSS Generator NCLT's Section 9 CIRP Admission Overturned Due to Lack of Undisputed Debt and Incomplete Fact Consideration. https://www.taxtmi.com/highlights?id=67794 Initiation of CIRP - existence of debt and dispute or not - Operational Creditors - NCLT admitted the application - The present is not a case where there is an undisputed debt for which insolvency can be initiated against the Corporate Debtor. The Adjudicating Authority having heard the matter ex-parte has failed to appreciate the facts of the case in its entirety and therefore committed an error in admitting the Section 9 application and we therefore hold that the impugned order passed is unsustainable. - AT Highlights Insolvency and Bankruptcy Thu, 19 Jan 2023 12:28:56 +0530 https://www.taxtmi.com/highlights?id=67794