2021 (3) TMI 39 - SCH - Insolvency and Bankruptcy

Maintainability of application - initiation of CIRP - unpaid Operational Debt - pre-existing debt or not - Adjudicating Authority has rejected the application mainly on the ground that the Applicant has failed to prove the Operational Debt and its default and further on the ground of pre-existing dispute - it was held by NCLAT that Ld. Adjudicating Authority has rightly dismissed the application filed under Section 9 of IBC - HELD THAT - There seems no need to interfere with the order of the National Company Law Appellate Tribunal - appeal dismissed.

Summary

The Supreme Court of India dismissed the appeal and upheld the order of the National Company Law Appellate Tribunal dated 11 August 2020 in Company Appeal (AT) (Insolvency) No 1522 of 2019.