2021 (12) TMI 485 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH, NEW DELHI - Insolvency & Bankruptcy

Head Note / Extract:
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - pre-existing dispute between the Operational Creditor and the Corporate Debtor or not - HELD THAT:- There are material substances in the appeal and the appeal deserves to be allowed. Matter remanded to the Adjudicating Authority to initiate CIRP against the Corporate Debtor after allowing a period of 30 days to the parties to settle the matter failing which to initiate CIRP against the corporate debtor - appeal allowed by way of remand.