https://www.taxtmi.com/caselaws?id=761492 NCLAT Principal Bench dismissed appeal challenging rejection of Section 9 insolvency application. Appellant provided e-auction solutions under agreement requiring third-party administrator (TPA) certification for quarterly payment release. Corporation could not pay due to government's failure to appoint TPA for certification. Tribunal held no default by corporation as payment mechanism required TPA verification per agreement terms. Non-payment resulted from procedural compliance issues, not corporate debtor's default. Appellant advised to pursue contractual remedies rather than insolvency proceedings. en-us Wed, 06 Nov 2024 00:00:00 +0530 Tue, 12 Nov 2024 08:52:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761492 NCLAT Principal Bench dismissed appeal challenging rejection of Section 9 insolvency application. Appellant provided e-auction solutions under agreement requiring third-party administrator (TPA) certification for quarterly payment release. Corporation could not pay due to government's failure to appoint TPA for certification. Tribunal held no default by corporation as payment mechanism required TPA verification per agreement terms. Non-payment resulted from procedural compliance issues, not corporate debtor's default. Appellant advised to pursue contractual remedies rather than insolvency proceedings. Case-Laws IBC Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761492