Pre-existing dispute cannot bar admission of application u/s. 7 of IBC

Canara Bank Vs S. S. Aluminium Private Limited (NCLT Cuttack)

NCLT Cuttack held that a pre-existing dispute cannot be a bar for admission of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. Accordingly, CIRP application against S.S. Aluminium Private Limited admitted as debt and default established.

Facts- The present application was filed on 10.04.2024 by Canara Bank (Petitioner/Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (the Code) read with Rule 4 of the Insolvency and Bankruptcy (Application

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