NCLT JUDGEMENT ON RULE 5,6 OF THE INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016 AND SECTION 4, 8, 8(1), 8(2), 9, 9(3)(B), 9(5), 9(5)(I)(A), 14, 15, 17, 18, 20, 21, 31(1), 33OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016
Tech India Engineers Pvt. Ltd Vs. Triumph Realty Pvt. Ltd, (2020) 06 NCLT CK 0043 NCLT allowed the application filed by the applicant under Section 9 of the Insolvency & Bankruptcy Code, 2016, (hereinafter referred to as the "Code") read with Rule 6 of the IBC, 2016 initiate corporate insolvency resolution process in respect of Corporate Debtor. While allowing the application NCLT held that when we shall consider the case in hand then we are of the considered view that since it is specifically mentioned in Section 8(2) of the Code that within ten days from the date of the receipt of the demand notice, the corporate-debtor is required to bring to the notice of the operational-creditor, the existence of dispute or the documents regarding the payment of debt, therefore, we have no option, but to hold that since the corporate-debtor fails to give the reply of the demand notice and raised the disputes, hence after his appearance in response to the notice, he cannot raise it...