The application must be denied if the Operational Creditor receives a notice of dispute or if a dispute is noted in the Information Utility in accordance with section 9(5)(ii) of the code
In a recent case, the New Delhi bench of the National Company Law Appellate Tribunal (NCLAT) has held that the application under section 9 of the Insolvency and Bankruptcy Code, 2016 (Code) cannot be entertained when the debt is not unequivocally admitted by the Corporate Debtor.
In accordance with a Charter Party Agreement dated 15.03.2017, Navin Madhavji Mehta, the suspended director of RR Metalmakers India Ltd. (Corporate Debtor), had approached Jaldhi Overseas Pvt Ltd. (Operational Creditor) about chartering the vessel MV Aetolia to transport cargo…
