NCLT JUDGEMENT ON SECTION 8, 8(1), 8(2), 9, 9(5)(1), 14, 15,16, 17, 18, 20, 21, 31(1), 33 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016


Centuary Road Transport Pvt. Ltd Vs. Tyson Retail Services Pvt. Ltd, (2020) 06 NCLT CK 0044

NCLT allowed the application filed by the applicant under Section 9 of the IB Code for initiation of the CIRP of Corporate Debtor.  While allowing the application NCLT held that in view of Section 8, after the receiving of the demand notice delivered under Section 8(1) of the IB Code the Corporate Debtor is required to send the reply to demand notice or raised the pre-existing dispute or show the documents regarding the payment of the unpaid debt but here as we noticed that the Corporate Debtor has neither raised the pre-existing dispute nor filed any document to show that the amount has been paid by the Corporate Debtor to the Operational Creditor. If we shall consider the case in hand in the light of aforesaid provision then we find that herein the case in hand neither pre-existing dispute is raised nor payment of the unpaid Operation Debt is made, the application is complete and the defaulted amount is more than Rs.1,00,000/- therefore, this adjudicating Authority have no option to admit the application.

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