https://www.taxtmi.com/caselaws?id=782578 NCLAT allowed the appeal and set aside the HC's order admitting the Section 9 application and initiating CIRP against the corporate debtor. It held that the corporate debtor was only a facilitator under a purchase finance arrangement, with goods purchased from a third-party supplier using finance from the debtor's subsidiary and sold directly to the operational creditor's customers. The Tribunal found no operational debt or default, noting the operational creditor's prolonged silence after the relevant invoices and its own admissions regarding payments made. The defence was not "moonshine," rendering the Section 9 application untenable. The application was dismissed. en-us Fri, 28 Nov 2025 00:00:00 +0530 Tue, 02 Dec 2025 08:35:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782578 NCLAT allowed the appeal and set aside the HC's order admitting the Section 9 application and initiating CIRP against the corporate debtor. It held that the corporate debtor was only a facilitator under a purchase finance arrangement, with goods purchased from a third-party supplier using finance from the debtor's subsidiary and sold directly to the operational creditor's customers. The Tribunal found no operational debt or default, noting the operational creditor's prolonged silence after the relevant invoices and its own admissions regarding payments made. The defence was not "moonshine," rendering the Section 9 application untenable. The application was dismissed. Case-Laws IBC Fri, 28 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782578