Appellate Tribunal Upholds Dismissal of Section 9 IBC Petition, Reduces Costs for Delay to Rs. 1,00,000

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....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.....