Application U/S 9 of IBC Wrongly Rejected as Financial Debt Proven: NCLAT Chennai

Mamtha Steels Corporation Vs Yosmite Engineering Pvt. Ltd. (NCLAT Chennai) NCLAT Chennai held that rejection of application preferred u/s. 9 of the Insolvency and Bankruptcy Code [I&B Code] not justified since existence of financial debt arising out of business transaction established. Facts- The issue, in the instant company appeal, preferred under Section 61 of I & B Code, has its birth from the Order dated 27.07.2023, as it was rendered by the Ld. NCLT Special Bench-I Chennai, in Company Petition, whereby an application filed by the Appellant company M/s. Mamtha Steels Corporation, ...