https://www.taxtmi.com/caselaws?id=450865 The NCLAT set aside the Adjudicating Authority's order admitting a Section 9 application for CIRP initiation. The tribunal found that pre-existing disputes existed between the operational creditor and corporate debtor regarding faulty cables and non-supply of goods. The corporate debtor's reply to the demand notice raised specific disputes including debit notes worth Rs.67,96,800/- for faulty cables and Rs.50,00,000/- for non-supply. Citing Supreme Court precedent, the NCLAT held that CIRP can only be triggered for undisputed debts, and dismissed the operational creditor's application, allowing the appeal. en-us Wed, 13 Mar 2024 00:00:00 +0530 Fri, 15 Mar 2024 07:53:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450865 The NCLAT set aside the Adjudicating Authority's order admitting a Section 9 application for CIRP initiation. The tribunal found that pre-existing disputes existed between the operational creditor and corporate debtor regarding faulty cables and non-supply of goods. The corporate debtor's reply to the demand notice raised specific disputes including debit notes worth Rs.67,96,800/- for faulty cables and Rs.50,00,000/- for non-supply. Citing Supreme Court precedent, the NCLAT held that CIRP can only be triggered for undisputed debts, and dismissed the operational creditor's application, allowing the appeal. Case-Laws Insolvency and Bankruptcy Wed, 13 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450865