NCLT JUDGEMENT ON SECTION 9 OF THE INDIAN CONTRACT ACT, 1872, RULE 5 , 6 OF THE INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016 AND SECTION 4, 5(6), 8, 8(1), 8(2), 9, 9(3)(B), 9(5)(I)(A), 14, 15, 17, 18, 20, 21, 31(1), 33 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016
G Trans Logistics (India) Private Limited Vs. Emtex Engineering Private Limited, (2020) 06 NCLT CK 0048 NCLT allowed the application filed by the applicant against the Corporate Debtor under Section 9 of the Insolvency & Bankruptcy Code, 2016, (hereinafter referred to as the "Code") read with Rule 6 of the IBC, 2016 to initiate corporate insolvency resolution process in respect of Corporate Debtor. While allowing the application NCLT held that in the light of the decisions of the court , 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...