NCLT Rejected CIRP Plea Due to Pre-Existing Dispute Over Delayed Charges Claim

Shakti International LLP Vs Steel Exchange India Pvt Ltd (NCLT Hyderabad) The NCLT Hyderabad considered a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for non-payment of ₹162.57 crore, primarily claimed as “delayed charges” or “extension charges” arising from contractual arrangements. The parties had entered into a Master Supply Agreement dated 29.09.2016, followed by supplementary agreements, governing the supply of steel rebars. While the underlying suppl...