https://www.taxtmi.com/caselaws?id=750797 The NCLAT Chennai dismissed an appeal challenging admission of a Section 9 application by an operational creditor. The Corporate Debtor argued that payment was contingent on receipts from a third party and claimed pre-existing disputes. The Tribunal held that contract clauses regarding payment schedules did not negate the liability for unpaid operational debt. Following Mobilox Innovations precedent, the Adjudicating Authority correctly determined that operational debt exceeded the prescribed amount and liability was established through documentary evidence. No pre-existing dispute was proven before the demand notice, making the Section 9 admission legally justified. en-us Thu, 28 Mar 2024 00:00:00 +0530 Fri, 29 Mar 2024 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750797 The NCLAT Chennai dismissed an appeal challenging admission of a Section 9 application by an operational creditor. The Corporate Debtor argued that payment was contingent on receipts from a third party and claimed pre-existing disputes. The Tribunal held that contract clauses regarding payment schedules did not negate the liability for unpaid operational debt. Following Mobilox Innovations precedent, the Adjudicating Authority correctly determined that operational debt exceeded the prescribed amount and liability was established through documentary evidence. No pre-existing dispute was proven before the demand notice, making the Section 9 admission legally justified. Case-Laws Insolvency and Bankruptcy Thu, 28 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750797