Application u/s. 9 of IBC not maintainable due to long-standing disputes: NCLT Delhi

Schneider Electric India Private Limited Vs Sarkun Solar Private Limited (NCLT Delhi) NCLT Delhi held that application under section 9 of the Insolvency and Bankruptcy Code, 2016 [IBC] for initiation of CIRP not maintainable since there exists genuine and long-standing disputes. Accordingly, petition dismissed. Facts- This instant application was filed by Schneider Electric India Private Limited (applicant/ operational creditor) u/s. 9 of the Insolvency and Bankruptcy Code, 2016 with a prayer to initiate Corporate Insolvency Resolution Process in respect of Sarkun Solar Private Limited (Former...