https://www.taxtmi.com/caselaws?id=445486 NCLAT Principal Bench allowed the appeal filed by operational creditor against rejection of Section 9 application. Corporate debtor acknowledged debt and showed willingness to pay but failed to remit funds despite repeated assurances and court directions to deposit equivalent amount. NCLAT held that adjudicating authority erred in not admitting the application when debtor failed to comply with payment obligations and court orders, citing regulatory procedures as excuse. The case was deemed fit for admission under insolvency proceedings given debtor's non-compliance despite acknowledgment of debt. en-us Tue, 07 Nov 2023 00:00:00 +0530 Wed, 08 Nov 2023 18:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445486 NCLAT Principal Bench allowed the appeal filed by operational creditor against rejection of Section 9 application. Corporate debtor acknowledged debt and showed willingness to pay but failed to remit funds despite repeated assurances and court directions to deposit equivalent amount. NCLAT held that adjudicating authority erred in not admitting the application when debtor failed to comply with payment obligations and court orders, citing regulatory procedures as excuse. The case was deemed fit for admission under insolvency proceedings given debtor's non-compliance despite acknowledgment of debt. Case-Laws Insolvency and Bankruptcy Tue, 07 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445486