Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
IBC - Highlights / Catch Notes

Home Highlights May 2024 Year 2024 This

Rejection of section 9 application - Initiation of CIRP - prior ...

Case Laws     Insolvency and Bankruptcy

May 16, 2024

Rejection of section 9 application - Initiation of CIRP - prior dispute in relation to existence of debt or not - The Appellate Tribunal (NCLAT) noted that the Mandate Letter contained ambiguities regarding the liable party for fee payments and supported the Adjudicating Authority’s view that the obligation to pay arose only upon raising of debit notes not proforma invoices, as per the Mandate Letter. Additionally, the Tribunal highlighted the engagement of IDBI Capital for similar services, which further indicated a dispute. - Applying the principles laid down by the Hon’ble Supreme Court in Mobilox Innovations v. Kirusa Software, the Tribunal concluded that the pre-existing disputes were not frivolous or spurious and required further investigation.

View Source

 


 

You may also like:

  1. Initiation of CIRP - existence of debt of dispute or not - There is no claim regarding the principal amount and the issue of contention is demurrage and detention...

  2. Initiation of CIRP - pre-existence of dispute - There was no dispute existing prior to the first demand notice and only disputes raised prior to the first demand notice...

  3. 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...

  4. Initiation of CIRP - The Corporate Debtor is not to raise bogie of disputes but there has to be real substantial dispute. The existence of dispute when the Demand Notice...

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

  6. Initiation of CIRP - existence of debt and dispute or not - Settlement of dispute between the parties or not - NCLT rejected the application - the Adjudicating Authority...

  7. Initiation of CIRP - Since Adjudicating Authority has not relied upon the “confirmation and undertaking” and has come to a conclusion that there is a debt and default...

  8. Initiation of CIRP - Financial debt or not - application dismissed by the NCLT - The definition of debt and default which is the only thing required for the purpose of...

  9. Initiation of CIRP - existence of debt and dispute or not - NCLT rejected the application - the issues raised in these emails are not moonshine defense, the issues...

  10. Maintainability of application - initiation of CIRP - The present is a case where we are satisfied that there is no dispute, in fact, prior to issuance of Section 8...

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

  12. Jurisdiction of the Adjudicating Authority (NCLT) to adjudicate upon a closure notice issued prior to the initiation of the Corporate Insolvency Resolution Process...

  13. Initiation of CIRP - existence of debt and dispute or not - Operational Creditors - NCLT admitted the application - The present is not a case where there is an...

  14. Initiation of CIRP - The issue in this case is not whether there is an ‘Admission of debt’ or ‘existence of dispute’ but whether in the absence of any sufficient...

  15. Maintainability of application - initiation of CIRP - Period of limitation - the legislative policy now is to move away from the concept of “inability to pay debts” to...

 

Quick Updates:Latest Updates