Surendra Sancheti (Shareholder of Altius Digital Private Limited) Vs Gospell Digital Technologies Co. Limited (NCLAT Delhi)
NCLAT Delhi held that admitting application under section 9 of the Insolvency and Bankruptcy Code 2016 for default in payment of operational debt justified in the absence of any credible or plausible pre-existing dispute.
Facts- The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 by the Appellant arises out of the Order dated 19.12.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-I). By the impugned order, the Adjudicating Authority has admitted the Section 9 petition against the Corporate Debtor and ordered initiation of Corporate Insolvency Resolution Process of the Corporate Debtor. Aggrieved by the impugned order, the present appeal has been preferred by the shareholder of the Corporate Debtor.
Conclusion- Held that the Appellant has defaulted in the payment of operational debt which amount had clearly become due and payable above the threshold limit, and further in the absence of any credible or plausible pre-existing dispute, we find that no error has been committed by the Adjudicating Authority in admitting the application under Section 9 of IBC and initiating CIRP. We find no merit in this Appeal. Appeal is dismissed.
