Demand Notice Valid Despite Missing Default Date in Invoice-Based Claims: NCLAT Chennai

Metals And Metal Electric Private Limited Vs Prince Foundations Limited (NCLAT Chennai) The appeal was decided by the National Company Law Appellate Tribunal, Chennai Bench against an order dated 21.02.2023 passed by the NCLT, Chennai, dismissing an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, acting as an operational creditor, had initiated insolvency proceedings by filing an application in Form-5, stating the date of default as 22.02.2022. The NCLT dismissed the Section 9 application on multiple grounds. It held that the date of default ...