https://www.taxtmi.com/caselaws?id=761686 NCLAT dismissed the appeal challenging admission of Section 9 petition for initiating CIRP against the Corporate Debtor. The Corporate Debtor had admitted operational debt of USD 70 million with payment of only USD 57 million, acknowledging default due to adverse cash-flow. The Tribunal found no pre-existing dispute as the Corporate Debtor's admissions were clear and the outstanding amount exceeded the prescribed threshold limit of Rs 1 crore. The Corporate Debtor failed to categorically reject the dues or establish any substantial dispute that could prevent CIRP initiation. The Adjudicating Authority correctly fulfilled all requisite conditions under Section 9 of IBC. en-us Wed, 13 Nov 2024 00:00:00 +0530 Wed, 13 Nov 2024 17:22:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761686 NCLAT dismissed the appeal challenging admission of Section 9 petition for initiating CIRP against the Corporate Debtor. The Corporate Debtor had admitted operational debt of USD 70 million with payment of only USD 57 million, acknowledging default due to adverse cash-flow. The Tribunal found no pre-existing dispute as the Corporate Debtor's admissions were clear and the outstanding amount exceeded the prescribed threshold limit of Rs 1 crore. The Corporate Debtor failed to categorically reject the dues or establish any substantial dispute that could prevent CIRP initiation. The Adjudicating Authority correctly fulfilled all requisite conditions under Section 9 of IBC. Case-Laws IBC Wed, 13 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761686