TaxTMI 
TaxTMI 
2022 (4) TMI 1256
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.... Bench-IV by which Application filed by the Appellant under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) has been rejected. 3. The Appellant claiming to be Operational Creditor has filed Section 9 Application for outstanding amount of Rs. 1,86,900/-. The Adjudicating Authority issued notice and after considering the reply of the Corporate Debtor has dismissed the Application. The Adjudicating Authority while dismissing the Application has returned following findings in paragraph 5:- "5. We have heard the arguments of Ld. Counsels for the applicant and the respondents and perused the case records. From the bare perusal of the file it can be inferred that admittedly there is no agreement entered into between....
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....year and alleged amount is only of one lac. It is well settled principle of law that NCLT can't be allowed to be played at the hands of the unscrupulous parties. In sequel of the above stated facts and circumstances, this tribunal is of affirm view that the present petitioner failed to establish on record that he actually supplied the building material to the respondents and an amount of rupees one lac was due rather the petition is collusive in nature. Hence, the present petition deserves to be dismissed. Resultantly, the present petition stands dismissed with no order to costs. File be consigned to records." 4. Learned Counsel for the Appellant submits that there was no basis for recording the finding against the Appellant of any c....