The National Company Law Tribunal (NCLT) has admitted a CIRP application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Montecarlo Ltd, and held that fraud allegations raised only after receipt of the statutory demand notice do not constitute a pre-existing dispute capable of defeating the initiation of the Corporate Insolvency Resolution Process (CIRP).
The Operational Creditor, Vanshita Transport, through its proprietor Mr. Nilesh V. Thakkar, approached the tribunal seeking initiation of CIRP for recovery of operational dues amounting to ₹1.47 crore including interest towards transportation services rendered under various work orders. The creditor stated that despite repeated invoices and…