NCLT Sets Aside Application Due to Pre-Existing Dispute Confirmed by Arbitration Initiation Before Demand Notice u/s 8.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Initiation of CIRP - It is pertinent to note that on 09.07.2016, ‘prior to the issuance of the Demand Notice under Section 8 of the Code’, the ‘Operational Creditor’ invoked Arbitration pursuant to the 8 project orders issued by the ‘Corporate Debtor’, which itself substantiates the ‘Existence of a Dispute’. In the ‘Notice’ invoking Arbitration, the ‘Operational Creditor’ has stated that there is an outstanding amount and has further stated that they are ready to settle the disputes through Arbitration. - we are of the considered view that there is a ‘Pre-Existing Dispute’ between the parties - Application admitted by the NCLT set aside - AT....