https://www.taxtmi.com/caselaws?id=751195 The NCLAT dismissed an appeal challenging rejection of a Section 9 application under CIRP. The Corporate Debtor had raised pre-existing disputes regarding settlement of accounts for under-loading, overloading, and demurrage charges spanning five years, as evidenced in correspondence dated 11.02.2021 and 13.06.2021, which preceded the demand notice dated 09.08.2021. The Appellant's argument that TDS deduction under Section 194(C) of Income Tax Act constituted acknowledgment of liability was rejected, as the Corporate Debtor's reply clearly indicated pending adjustments and unsettled accounts. The NCLAT upheld the Adjudicating Authority's decision, finding no error in rejecting the application on grounds of pre-existing dispute. en-us Tue, 09 Apr 2024 00:00:00 +0530 Tue, 09 Apr 2024 21:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751195 The NCLAT dismissed an appeal challenging rejection of a Section 9 application under CIRP. The Corporate Debtor had raised pre-existing disputes regarding settlement of accounts for under-loading, overloading, and demurrage charges spanning five years, as evidenced in correspondence dated 11.02.2021 and 13.06.2021, which preceded the demand notice dated 09.08.2021. The Appellant's argument that TDS deduction under Section 194(C) of Income Tax Act constituted acknowledgment of liability was rejected, as the Corporate Debtor's reply clearly indicated pending adjustments and unsettled accounts. The NCLAT upheld the Adjudicating Authority's decision, finding no error in rejecting the application on grounds of pre-existing dispute. Case-Laws Insolvency and Bankruptcy Tue, 09 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751195