https://www.taxtmi.com/caselaws?id=750994 NCLAT Principal Bench dismissed appeal challenging rejection of Section 9 IBC application. Tribunal held appellant travel agent and respondent company had operational creditor-corporate debtor relationship based on credit card ticket issuance arrangements and undertakings for debit notes. However, pre-existing dispute existed as respondent disputed demand notice dated 22.08.2018 through reply on 08.09.2018, with police complaints and criminal case pending. Court found dispute was plausible, not spurious or hypothetical. Since Section 9 requires undisputed debt and pre-existing dispute prevented CIRP initiation, Adjudicating Authority correctly rejected application. en-us Wed, 03 Apr 2024 00:00:00 +0530 Fri, 05 Apr 2024 09:53:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750994 NCLAT Principal Bench dismissed appeal challenging rejection of Section 9 IBC application. Tribunal held appellant travel agent and respondent company had operational creditor-corporate debtor relationship based on credit card ticket issuance arrangements and undertakings for debit notes. However, pre-existing dispute existed as respondent disputed demand notice dated 22.08.2018 through reply on 08.09.2018, with police complaints and criminal case pending. Court found dispute was plausible, not spurious or hypothetical. Since Section 9 requires undisputed debt and pre-existing dispute prevented CIRP initiation, Adjudicating Authority correctly rejected application. Case-Laws Insolvency and Bankruptcy Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750994