NCLT Dismisses CIRP Application Due to Lack of Financial Debt; Debt Transfer and Arbitration Failure Cited.

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....Initiation of CIRP - Existence of financial Debit - Purchase of litigation by the applicant - Impact of closure of the arbitration proceedings - it is clear that assignor had assigned its debt of Rs. 104 Crores to the Appellant on 24th March, 2017 when it failed to obtain an Interim Award from the sole arbitrator by filing an application under Section 31(6) of the Arbitration and Conciliation Act which was rejected on 23rd September, 2016. - NCLT rightly dismissed the application - AT....