https://www.taxtmi.com/caselaws?id=756509 The NCLAT dismissed an appeal challenging NCLT's rejection of a Section 9 IBC petition. The corporate debtor successfully contested the application by establishing a pre-existing dispute regarding incomplete project work and payment obligations. The appellant had completed only 11 of 17 gates before abandoning the project in July 2017, failing to meet contractual commissioning requirements for full payment. Both parties alleged forgery regarding termination notices, creating genuine disputes. Additionally, the application was time-barred under Article 137 of the Limitation Act, as the first default occurred in April 2013 but the petition was filed in February 2022, well beyond the three-year limitation period. The NCLAT upheld the NCLT's dismissal, finding the pre-existing dispute was not moonshine. en-us Fri, 02 Aug 2024 00:00:00 +0530 Mon, 05 Aug 2024 07:05:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756509 The NCLAT dismissed an appeal challenging NCLT's rejection of a Section 9 IBC petition. The corporate debtor successfully contested the application by establishing a pre-existing dispute regarding incomplete project work and payment obligations. The appellant had completed only 11 of 17 gates before abandoning the project in July 2017, failing to meet contractual commissioning requirements for full payment. Both parties alleged forgery regarding termination notices, creating genuine disputes. Additionally, the application was time-barred under Article 137 of the Limitation Act, as the first default occurred in April 2013 but the petition was filed in February 2022, well beyond the three-year limitation period. The NCLAT upheld the NCLT's dismissal, finding the pre-existing dispute was not moonshine. Case-Laws Insolvency and Bankruptcy Fri, 02 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756509