Supreme Court Corrects NCLAT's Error, Upholds NCLT's Decision on Section 9 Petition Amid Pre-existing Dispute.

Initiation of CIRP - Corporate Debtor failed to make repayment of its dispute - Operational Creditors or not - NCLT had rightly rejected the application of Overseas after finding that there existed a dispute between Kay Bouvet and Overseas and as such, an order under Section 9 of the IBC would not have been passed. We find that NCLAT has patently misinterpreted the factual as well as legal position and erred in reversing the order of NCLT and directing admission of Section 9 petition. - SC .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X