https://www.taxtmi.com/highlights?id=91009 The Appellate Tribunal upheld the NCLT's dismissal of the Company Petition filed under Section 9 of the IBC, finding that the operational creditor's claim was fully satisfied by the respondent's remittance, which the appellant failed to disclose. The appellant's conduct in prolonging proceedings and not withdrawing the petition despite multiple adjournments was deemed reprehensible. While the NCLT imposed costs of Rs. 5,00,000/- on the appellant for unnecessary delay, the Tribunal, considering the appellant's changed management and plausible explanations, reduced the costs to Rs. 1,00,000/-. The appellant is directed to deposit this amount within 30 days, with proof to be submitted to the Registry. The appeal is accordingly disposed of. en-us Tue, 29 Jul 2025 08:30:23 +0530 Tue, 29 Jul 2025 08:30:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=91009 The Appellate Tribunal upheld the NCLT's dismissal of the Company Petition filed under Section 9 of the IBC, finding that the operational creditor's claim was fully satisfied by the respondent's remittance, which the appellant failed to disclose. The appellant's conduct in prolonging proceedings and not withdrawing the petition despite multiple adjournments was deemed reprehensible. While the NCLT imposed costs of Rs. 5,00,000/- on the appellant for unnecessary delay, the Tribunal, considering the appellant's changed management and plausible explanations, reduced the costs to Rs. 1,00,000/-. The appellant is directed to deposit this amount within 30 days, with proof to be submitted to the Registry. The appeal is accordingly disposed of. Highlights IBC Tue, 29 Jul 2025 08:30:23 +0530 https://www.taxtmi.com/highlights?id=91009