https://www.taxtmi.com/caselaws?id=758325 NCLAT Principal Bench dismissed an appeal challenging rejection of Section 9 application by operational creditor seeking initiation of corporate insolvency resolution process. The tribunal held that appellant failed to establish operational creditor status, lacking documentary evidence of guarantee agreement with respondent for goods supplied to third party. No privity of contract existed between parties as goods were supplied by third parties, not appellant, despite claims of using local distributors. The application was also time-barred, filed in 2019 for 2015 default, exceeding three-year limitation period. NCLAT found the application was misuse of IBC provisions for debt recovery rather than genuine insolvency resolution. en-us Tue, 10 Sep 2024 00:00:00 +0530 Thu, 12 Sep 2024 07:57:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758325 NCLAT Principal Bench dismissed an appeal challenging rejection of Section 9 application by operational creditor seeking initiation of corporate insolvency resolution process. The tribunal held that appellant failed to establish operational creditor status, lacking documentary evidence of guarantee agreement with respondent for goods supplied to third party. No privity of contract existed between parties as goods were supplied by third parties, not appellant, despite claims of using local distributors. The application was also time-barred, filed in 2019 for 2015 default, exceeding three-year limitation period. NCLAT found the application was misuse of IBC provisions for debt recovery rather than genuine insolvency resolution. Case-Laws IBC Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758325