https://www.taxtmi.com/caselaws?id=761493 NCLAT Principal Bench set aside the admission of Section 9 application filed by operational creditor against corporate debtor. The tribunal found that pre-existing disputes existed between parties prior to Section 8 demand notice, as evidenced by notices of disputes that were not moonshine or spurious. The adjudicating authority erred in admitting the application while ignoring genuine disputes, making it hit by Section 9(5)(ii)(d). The tribunal distinguished the Naresh Sevantilal Shah precedent as inapplicable since no Section 9 application was filed after the first demand notice in this case. CIRP initiation order dated 30.10.2023 and subsequent orders were set aside, releasing corporate debtor from CIRP proceedings. en-us Fri, 08 Nov 2024 00:00:00 +0530 Fri, 08 Nov 2024 17:52:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761493 NCLAT Principal Bench set aside the admission of Section 9 application filed by operational creditor against corporate debtor. The tribunal found that pre-existing disputes existed between parties prior to Section 8 demand notice, as evidenced by notices of disputes that were not moonshine or spurious. The adjudicating authority erred in admitting the application while ignoring genuine disputes, making it hit by Section 9(5)(ii)(d). The tribunal distinguished the Naresh Sevantilal Shah precedent as inapplicable since no Section 9 application was filed after the first demand notice in this case. CIRP initiation order dated 30.10.2023 and subsequent orders were set aside, releasing corporate debtor from CIRP proceedings. Case-Laws IBC Fri, 08 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761493