https://www.taxtmi.com/caselaws?id=762511 The NCLAT Principal Bench upheld the Adjudicating Authority's decision to admit a Section 9 application filed by an operational creditor for initiating CIRP. The corporate debtor had clearly admitted operational debt of Rs 1.76 crores through correspondence dated 22.04.2015 and 07.03.2016, acknowledging financial challenges and need to clear dues. The corporate debtor's claims of pre-existing disputes regarding alleged misappropriation were rejected as a "moonshine defence" lacking credible evidence, with inconsistent ledger entries failing to corroborate their position. The NCLAT found all conditions under Section 9 IBC satisfied and dismissed the appeal. en-us Tue, 26 Nov 2024 00:00:00 +0530 Mon, 02 Dec 2024 12:31:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762511 The NCLAT Principal Bench upheld the Adjudicating Authority's decision to admit a Section 9 application filed by an operational creditor for initiating CIRP. The corporate debtor had clearly admitted operational debt of Rs 1.76 crores through correspondence dated 22.04.2015 and 07.03.2016, acknowledging financial challenges and need to clear dues. The corporate debtor's claims of pre-existing disputes regarding alleged misappropriation were rejected as a "moonshine defence" lacking credible evidence, with inconsistent ledger entries failing to corroborate their position. The NCLAT found all conditions under Section 9 IBC satisfied and dismissed the appeal. Case-Laws IBC Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762511