Sections 8 and 9 of the IBC stated that an operational creditor can only initiate the CIRP process in the event of an uncontested debt and a payment default
The Appeal filed by the operational creditors was dismissed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi (NCLAT), which is composed of Justice Yogesh Khanna (Member (Judicial) and Mr. Ajai Das Mehrotra (Member (Technical)) since there was an existing dispute between the corporate debtor and the operational creditor.
The National Company Law Tribunal (NCLT), New Delhi, issued a judgment that is the subject of this appeal. It permits M/s Ambassador Logistics Pvt. Ltd. (Corporate Debtor) to participate in the Corporate Insolvency Resolution Process (CIRP)…
