https://www.taxtmi.com/highlights?id=78033 The National Company Law Appellate Tribunal, New Delhi, addressed the admissibility of a section 9 application for initiation of Corporate Insolvency Resolution Process (CIRP) in the presence of pre-existing disputes between the parties. Referring to the Supreme Court's ruling in Mobilox Innovations Pvt Ltd Vs Kirusa Software Pvt Ltd, it was emphasized that a pre-existing dispute must be more than a feeble legal argument or unsupported assertion. The Tribunal noted that the existence of claims or counterclaims, even without a reply to a demand notice, could establish a pre-existing dispute warranting rejection of a Section 9 petition. In this case, the Corporate Debtor had already initiated arbitration proceedings prior to the Section 9 pet..... en-us Sat, 01 Jun 2024 13:09:56 +0530 Sat, 01 Jun 2024 13:09:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78033 The National Company Law Appellate Tribunal, New Delhi, addressed the admissibility of a section 9 application for initiation of Corporate Insolvency Resolution Process (CIRP) in the presence of pre-existing disputes between the parties. Referring to the Supreme Court's ruling in Mobilox Innovations Pvt Ltd Vs Kirusa Software Pvt Ltd, it was emphasized that a pre-existing dispute must be more than a feeble legal argument or unsupported assertion. The Tribunal noted that the existence of claims or counterclaims, even without a reply to a demand notice, could establish a pre-existing dispute warranting rejection of a Section 9 petition. In this case, the Corporate Debtor had already initiated arbitration proceedings prior to the Section 9 pet..... Highlights Insolvency and Bankruptcy Sat, 01 Jun 2024 13:09:56 +0530 https://www.taxtmi.com/highlights?id=78033