https://www.taxtmi.com/highlights?id=83024 The dispute revolves around the non-payment of outstanding dues by the Corporate Debtor to the Appellant, pursuant to an agreement for providing e-Auction solutions. The agreement mandated certification by a Third-Party Auditor (TPA) for release of quarterly payments. However, the TPA was not appointed by the Government, resulting in non-payment. The Adjudicating Authority rejected the Section 9 application filed by the Appellant, holding that no default occurred as the non-payment was due to the contractual requirement of TPA certification. The Appellate Tribunal upheld the rejection, stating that while the Government's inaction caused prejudice to the Appellant, the Corporate Debtor cannot be subjected to insolvency proceedings when the agreement prescribed a specific payment mechanism. The Appellant retains the remedy to recover dues through appropriate means under the agreement. en-us Tue, 12 Nov 2024 08:52:50 +0530 Tue, 12 Nov 2024 08:52:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83024 The dispute revolves around the non-payment of outstanding dues by the Corporate Debtor to the Appellant, pursuant to an agreement for providing e-Auction solutions. The agreement mandated certification by a Third-Party Auditor (TPA) for release of quarterly payments. However, the TPA was not appointed by the Government, resulting in non-payment. The Adjudicating Authority rejected the Section 9 application filed by the Appellant, holding that no default occurred as the non-payment was due to the contractual requirement of TPA certification. The Appellate Tribunal upheld the rejection, stating that while the Government's inaction caused prejudice to the Appellant, the Corporate Debtor cannot be subjected to insolvency proceedings when the agreement prescribed a specific payment mechanism. The Appellant retains the remedy to recover dues through appropriate means under the agreement. Highlights IBC Tue, 12 Nov 2024 08:52:50 +0530 https://www.taxtmi.com/highlights?id=83024