https://www.taxtmi.com/caselaws?id=769486 The NCLAT Principal Bench allowed an appeal against admission of a Section 9 application under IBC. The operational creditor had suppressed payments totaling Rs 11 lakhs made by the corporate debtor after May 12, 2023, and improperly added interest without contractual basis to meet the Rs 1 crore threshold limit under Section 4. The tribunal found the operational creditor's ledger account was not updated and failed to reflect true payment status. Considering the suppressed payments, the outstanding liability fell below the minimum threshold, making the Section 9 application non-maintainable. The adjudicating authority was misled and erroneously admitted the corporate debtor into CIRP through an ex-parte order. en-us Wed, 26 Mar 2025 00:00:00 +0530 Sat, 26 Apr 2025 08:30:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769486 The NCLAT Principal Bench allowed an appeal against admission of a Section 9 application under IBC. The operational creditor had suppressed payments totaling Rs 11 lakhs made by the corporate debtor after May 12, 2023, and improperly added interest without contractual basis to meet the Rs 1 crore threshold limit under Section 4. The tribunal found the operational creditor's ledger account was not updated and failed to reflect true payment status. Considering the suppressed payments, the outstanding liability fell below the minimum threshold, making the Section 9 application non-maintainable. The adjudicating authority was misled and erroneously admitted the corporate debtor into CIRP through an ex-parte order. Case-Laws IBC Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769486