https://www.taxtmi.com/caselaws?id=441820 The National Company Law Tribunal (NCLT), Mumbai Bench-IV, upheld the initiation of Corporate Insolvency Resolution Process (CIRP) against Nik-San Engineering Company Ltd. The Tribunal found the operational debt owed to Sterling Enamelled Wires Pvt. Ltd. as due and payable, dismissing the Corporate Debtor's claim of pre-existing disputes. Additionally, the debt was not barred by Section 10A of the Insolvency and Bankruptcy Code (IBC) as it met the threshold for filing an insolvency application. The appeal was dismissed, affirming the fulfillment of CIRP conditions under Section 9, with no costs awarded. en-us Wed, 16 Aug 2023 00:00:00 +0530 Fri, 18 Aug 2023 08:45:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441820 The National Company Law Tribunal (NCLT), Mumbai Bench-IV, upheld the initiation of Corporate Insolvency Resolution Process (CIRP) against Nik-San Engineering Company Ltd. The Tribunal found the operational debt owed to Sterling Enamelled Wires Pvt. Ltd. as due and payable, dismissing the Corporate Debtor's claim of pre-existing disputes. Additionally, the debt was not barred by Section 10A of the Insolvency and Bankruptcy Code (IBC) as it met the threshold for filing an insolvency application. The appeal was dismissed, affirming the fulfillment of CIRP conditions under Section 9, with no costs awarded. Case-Laws Insolvency and Bankruptcy Wed, 16 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441820