The National Company Law Appellate Tribunal (NCLAT) New Delhi has held that a Corporate Debtor cannot avoid insolvency proceedings after expressly quantifying and conditionally agreeing to pay operational dues through a self-prepared consequence sheet treating such conduct as acknowledgment of debt under the Insolvency and Bankruptcy Code, 2016 (IBC).
The dispute arose from multiple purchase orders issued for supply of forgings and tube sheets between 2021 and 2022. Kisaan Steels claimed unpaid operational dues exceeding ₹6.13 crore and issued a demand notice under Section 8 of the IBC. In response, the Corporate Debtor alleged delayed supplies, defective materials and consequential business losses, asserting…