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2024 (3) TMI 865 - SCH - Insolvency and BankruptcyAdmission of section 9 application - Insurance Company has made payment to the Operational Creditor of its claim - third party liability - Liability of Corporate debtor to discharge its debt - preexisting dispute between the parties - it was held by NCLAT that Section 9 Application is fully maintainable and the fact that Insurance Company has made payment to the Operational Creditor of its claim, cannot be a ground to reject Section 9 Application - HELD THAT - The order of the National Company Law Appellate Tribunal dated 13 December 2023 does not raise any substantial question of law so as to warrant interference in the appeal under Section 62 of the Insolvency and Bankruptcy Code 2016. However, the time which was granted by the NCLAT by its order dated 13 December 2023 for deposit shall stand extended, on the request of the counsel for the appellant, until 8 April 2024. In the event of default, the consequences as envisaged in the order of the NCLAT shall follow. Appeal dismissed.
Issues involved:
The judgment deals with the appeal under Section 62 of the Insolvency and Bankruptcy Code 2016, focusing on the order of the National Company Law Appellate Tribunal dated 13 December 2023. Details of the Judgment: 1. The Supreme Court held that the order of the National Company Law Appellate Tribunal dated 13 December 2023 did not raise any substantial question of law warranting interference in the appeal under Section 62 of the Insolvency and Bankruptcy Code 2016. 2. The Court, however, extended the time granted by the NCLAT for deposit until 8 April 2024, upon the request of the counsel for the appellant. It was emphasized that in case of default, the consequences as per the NCLAT order would be applicable. 3. The appeal was ultimately dismissed by the Supreme Court, with the above extension being the only modification made to the NCLAT order. 4. Additionally, the Court disposed of any pending applications related to the case, bringing a conclusion to all matters before it.
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