https://www.taxtmi.com/caselaws?id=753411 NCLAT Principal Bench dismissed the operational creditor's Section 9 application for initiating CIRP against the corporate debtor, finding a pre-existing dispute existed. The corporate debtor had filed an arbitration petition prior to the Section 9 application, and HC appointed an arbitrator with all parties' consent to adjudicate disputes. The tribunal held that triable issues of fact regarding claims and counter-claims constituted a pre-existing dispute, citing SC precedent in Mobilox Innovations case. Since disputes involved joint measurements and amounts due under sub-contract work, summary procedure under Section 9 was inappropriate. Appeal allowed. en-us Thu, 30 May 2024 00:00:00 +0530 Fri, 31 May 2024 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753411 NCLAT Principal Bench dismissed the operational creditor's Section 9 application for initiating CIRP against the corporate debtor, finding a pre-existing dispute existed. The corporate debtor had filed an arbitration petition prior to the Section 9 application, and HC appointed an arbitrator with all parties' consent to adjudicate disputes. The tribunal held that triable issues of fact regarding claims and counter-claims constituted a pre-existing dispute, citing SC precedent in Mobilox Innovations case. Since disputes involved joint measurements and amounts due under sub-contract work, summary procedure under Section 9 was inappropriate. Appeal allowed. Case-Laws Insolvency and Bankruptcy Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753411