Whether dispute raised by OC is bar for acceptance of petition under IBC

Short Summary:

In this article author explains provisions of Insolvency & Bankruptcy Code, 2016 (hereafter referred as “IBC”) in relation to power of NCLT pursuant to admission of petition in case of dispute raised by the Operational Creditor by analyzing the judgment in the case of Anil Steels V. A.D. Electro Steel Co. (P.) Ltd by National Company Law Tribunal, Kolkata Bench.

Main Issue under Appeal is “Whether Corporate Debtor can bar the NCLT to accept the petition of Operational Creditor by raising a dispute on the Demand Notice”

Introduction:

Insolvency and Bankruptcy Code, 2016 (the, “Code”) is a crucial legislation passed by the Parliament which has the potential to be a game changer in the insolvency and bankruptcy regime in India.

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