Initiation of CIRP - existence of debt and dispute or not - In ...

CIRP Cannot Be Initiated u/s 9 of IBC Due to Genuine Dispute Over Operational Debt.

March 14, 2023

Case Laws Insolvency and Bankruptcy AT

Initiation of CIRP - existence of debt and dispute or not - In the present factual matrix, the defence raised by the Corporate Debtor cannot be held to be moonshine, spurious, hypothetical or illusory. For such disputed operational debt, Section 9 proceeding under IBC cannot be initiated at the instance of the Operational Creditor. - AT

View Source

← Previous Next →

Initiation of CIRP - existence of debt and dispute or not - In ...

CIRP Cannot Be Initiated u/s 9 of IBC Due to Genuine Dispute Over Operational Debt.

March 14, 2023

Case Laws Insolvency and Bankruptcy AT

You may also like:

The Corporate Debtor admitted outstanding operational debt owed to the Operational Creditor, citing adverse cash flow as the reason for non-payment, without attributing...

Initiation of CIRP - Operational Creditors - pre-existence of dispute - The NCLT, exercising powers under Section 7 or Section 9 of IBC, is not a debt collection forum....

The NCLAT held that the corporate debtor failed to substantiate a pre-existing dispute with the operational creditor regarding the unpaid operational debt. The corporate...

Corporate Debtor failed to repay operational dues, leading to a Section 9 application by the Operational Creditor. However, pre-existing disputes were evident from the...

Corporate Debtor failed to repay operational debt of rent to Operational Creditor as per lease deed. Operational Creditor consistently pressed for outstanding dues...

NCLAT reversed the admission of Section 9 application under IBC, finding the existence of a genuine dispute regarding operational debt. The tribunal determined that...

Initiation of CIRP - Claim beyond the period of limitation - The Adjudicating Authority, exercising powers under Section 7 or Section 9 of IBC, is not a Debt Collection...

Maintainability of an application for initiation of Corporate Insolvency Resolution Process (CIRP) u/s 9 of the Insolvency and Bankruptcy Code (IBC). The key points are:...

Initiation of CIRP - NCLT admitted the application - Operational Creditors - The tone and tenor of these protracted correspondences clearly manifest existence of dispute...

Rejection of Section 9 application - Initiation of CIRP - pre-existing dispute - The tribunal meticulously analyzed the arguments from both sides and relevant legal...

The Adjudicating Authority rightly dismissed the Company Petition filed u/s 9 of the Insolvency and Bankruptcy Code (IBC) on the ground of pre-existing disputes between...

The Appellate Tribunal upheld the Adjudicating Authority's rejection of the Section 9 application filed by the Operational Creditor. The key points are: The Operational...

Initiation of CIRP - The Adjudicating Authority has rightly come to the conclusion that Corporate Debtor raised a bonafide dispute regarding the ‘operational debt’...

Initiation of CIRP - existence of debt and dispute or not - dispute with regard to demand notice - The Adjudicating Authority has rightly found that there are dues...

Initiation of CIRP - It is well settled that in Section 9 proceedings the Adjudicating Authority is not to enter into final adjudication with regard to existence of...

Quick Updates: