https://www.taxtmi.com/caselaws?id=755784 NCLAT Principal Bench dismissed appeal challenging rejection of Section 9 application for CIRP initiation. Adjudicating Authority found operational creditor failed to prove debt and default, noting contradictions between claimed outstanding amounts and corporate debtor's ledger showing payments made. Court held Section 10A of IBC protected corporate debtor from insolvency proceedings for defaults during COVID-19 prohibited period. Operational creditor could not establish valid default date or prove debt above threshold limit. Application deemed filed with malicious intent for family dispute settlement rather than genuine insolvency resolution. Penalty of Rs. one lakh imposed on appellant upheld. en-us Thu, 18 Jul 2024 00:00:00 +0530 Fri, 19 Jul 2024 07:34:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755784 NCLAT Principal Bench dismissed appeal challenging rejection of Section 9 application for CIRP initiation. Adjudicating Authority found operational creditor failed to prove debt and default, noting contradictions between claimed outstanding amounts and corporate debtor's ledger showing payments made. Court held Section 10A of IBC protected corporate debtor from insolvency proceedings for defaults during COVID-19 prohibited period. Operational creditor could not establish valid default date or prove debt above threshold limit. Application deemed filed with malicious intent for family dispute settlement rather than genuine insolvency resolution. Penalty of Rs. one lakh imposed on appellant upheld. Case-Laws Insolvency and Bankruptcy Thu, 18 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755784