https://www.taxtmi.com/caselaws?id=752572 NCLAT allowed the appeal against rejection of Section 9 application for CIRP initiation. The tribunal held that cyber fraud committed by unknown third parties against the corporate debtor could not constitute a pre-existing dispute with the operational creditor. The corporate debtor's attempt to drag the operational creditor into the fraud dispute was deemed a deliberate ploy to evade payment. The tribunal noted that continued payments after the alleged fraud and acknowledgment of Euro 62,222/- debt in reply affidavit proved existence of undisputed operational debt. The adjudicating authority's rejection was found erroneous. Corporate debtor was given 30 days to pay outstanding debt, failing which CIRP would commence. en-us Wed, 01 May 2024 00:00:00 +0530 Mon, 13 May 2024 22:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752572 NCLAT allowed the appeal against rejection of Section 9 application for CIRP initiation. The tribunal held that cyber fraud committed by unknown third parties against the corporate debtor could not constitute a pre-existing dispute with the operational creditor. The corporate debtor's attempt to drag the operational creditor into the fraud dispute was deemed a deliberate ploy to evade payment. The tribunal noted that continued payments after the alleged fraud and acknowledgment of Euro 62,222/- debt in reply affidavit proved existence of undisputed operational debt. The adjudicating authority's rejection was found erroneous. Corporate debtor was given 30 days to pay outstanding debt, failing which CIRP would commence. Case-Laws Insolvency and Bankruptcy Wed, 01 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752572