SC Dismissed Insolvency Plea as Prior Dispute Established Through Correspondence & Records

GLS Films Industries Private Limited Vs Chemical Suppliers India Private Limited (Supreme Court of India) The Supreme Court considered an appeal arising from proceedings under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), where initiation of the corporate insolvency resolution process (CIRP) had been denied by the National Company Law Tribunal (NCLT), but subsequently allowed by the National Company Law Appellate Tribunal (NCLAT). The Supreme Court had earlier stayed the NCLAT’s decision and ultimately examined whether a “pre-existing dispute” existed between the parties. ...