Application filed u/s 9 of the Insolvency and Bankruptcy Code, ...

Steel fabrication debt dispute: Creditor's plea rejected for lack of evidence on debt acknowledgment post 2013.

Case Laws IBC

September 21, 2024

Application filed u/s 9 of the Insolvency and Bankruptcy Code, 2016 regarding default in fabrication and erection of steel structure at the Corporate Debtor's plant in Meghalaya. Respondents filed requisite documents on 03.12.2020 as per order dated 25.10.2019. Appellant failed to identify any document showing acknowledgement of debt by Corporate Debtor after 2013, despite multiple opportunities. Appellant unable to point out any entry in trial balance, balance sheet or other documents serving as acknowledgement of debt and extending limitation period. Appeal dismissed by NCLAT for reasons stated in order dated 25.11.2022.

View Source

← Previous Next →

Application filed u/s 9 of the Insolvency and Bankruptcy Code, ...

Steel fabrication debt dispute: Creditor's plea rejected for lack of evidence on debt acknowledgment post 2013.

Case Laws IBC

September 21, 2024

You may also like:

The Appellant challenged the admission of the Section 7 application filed by the Financial Creditor, contending no debt was due as the application was premature. The...

Section 53(1) of the Insolvency and Bankruptcy Code (IBC) provides for the order of priority in the distribution of liquidation assets. Financial debts owed to unsecured...

Initiation of CIRP - Operational Creditors - existence of pre-existing dispute or not - Careful reading of Section 8(2)(a) of the Code provides that the existence of...

Maintainability of Section 7 application under Insolvency and Bankruptcy Code (IBC) for non-payment of debt analyzed. Financial contract not mandatory for establishing...

The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

The Appellate Tribunal dismissed the appeal filed by the Operational Creditor u/s 9 of the Insolvency and Bankruptcy Code, 2016. The application was initially rejected...

CIRP - Rejection of Section 9 Application on the ground of pre-existing dispute - The dispute stemmed from services provided by the Operational Creditor to the Corporate...

Initiation of CIRP - Operational Creditors - existence of debt and dispute or not - This petition has been filed to recover disputed debt, which is not the object of the...

Maintainability of application u/s 9 of IBC, 2016 for non-payment of dues arising from supply of manpower services hinges on existence of pre-existing dispute between...

Admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016, concerning the classification of a debt as a Financial Debt within the meaning of...

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

Initiation of CIRP - the Financial Creditor is trying to recover his dues through various legal actions which was being contested by the Corporate Debtor at every stage....

Operational Creditor failed to prove debt and default beyond threshold limit against Corporate Debtor. Adjudicating Authority rightly rejected Section 9 application as...

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

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

Quick Updates: