CIRP Cannot be Initiated over undecided Claims or Unregistered Agreements

Smarkworks Coworking Spaces Pvt. Ltd Vs Turbot HQ India Pvt. Ltd. (NCLT Cuttack) The Liquidated Damages will crystalize only after the adjudication by the competent Civil Court. This cannot be determined in the Insolvency Proceedings; undecided claim cannot be used to bring an application for insolvency. When the agreement is engrossed on unstamped paper, the said instrument is not admissible in evidence for any purpose, unless stamp duty and penalty is paid as provided under Section 35 (a) of Indian Stamp Act. 1869. The unstamped instrument should be impounded under Section 33 of Indian Stamp...