Section 9 IBC Petition Revived Because Post-Section 10A Defaults Exceeded ₹1 Crore Threshold

Airtech Airconditioning Vs Parnika Commercial & Estate Private Limited (NCLAT Delhi) The appeal before the National Company Law Appellate Tribunal (NCLAT), Delhi arose from an order of the Adjudicating Authority (NCLT, New Delhi Bench-III) dismissing a Section 9 application filed under the Insolvency and Bankruptcy Code, 2016 (IBC). The Operational Creditor had been engaged by the Corporate Debtor to provide HVAC and firefighting services for three projects—Vanijya Bhawan (Delhi), DRDO (Delhi), and IIT Bombay (Mumbai). Separate work orders and invoices were issued for these projects. Due...