NCLT JUDGEMENT ON SECTION 5(6), 6, 8, 8(2), 8(2)(A), 8(2) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016
Worldwide Metals Pvt. Ltd Vs. SMW Metal Private Limited, (2020) 06 NCLT CK 0030 NCLT dismissed the petition filed by the petitioner, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'code') read with Rules 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority), 2016 (for brevity 'the Rules') with a prayer to initiate the Corporate Insolvency process against the Corporate Debtor. While dismissing the petition NCLT held that At this juncture, we would also like to refer the decision of Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited (2017) 09 SC CK 0075 dated 21.09.2017 in which Hon'ble Supreme Court held that "It is clear, therefore, that once the Operational Creditor has filed an application, which is otherwise, complete, the adjudicating authority must reject the application under Section 9(5)(2)(d) if notice of dispute has been received by the Operat...