Case Law Details
Case Name : Agarwal Veneers Vs Fundtonic Service Pvt. Ltd. (NCLAT Delhi)
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NCLAT
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Agarwal Veneers Vs Fundtonic Service Pvt. Ltd. (NCLAT Delhi)
Held that application to initiate CIRP, against solvent and going concern company, can be denied when creditor is using insolvency as a substitute for debt recovery procedure.
Facts- The appellant had filed a petition u/s. 9 of the Insolvency and Bankruptcy Code, 2016 before the NCLT seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Fundtonic Service Pvt. Ltd. (Respondent). NCLT vide an order dated 29.09.2020 had rejected the petition while observing that –
1. The Demand Notice issued u/s. 8 of the IBC w...
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