Pre-Existing Dispute Over Defective Supply & Delay Cannot Obstruct CIRP After Admission of Undisputed Operational Debt: NCLAT Upholds Insolvency Admission [Read Order]
The National Company Law Appellate Tribunal (NCLAT) New Delhi has upheld the initiation of Corporate Insolvency Resolution Process (CIRP) against Gemini Engi. Fab. Pvt. Ltd. and held that the Corporate Debtor could not rely on alleged pre existing disputes after admitting an undisputed operational debt through its own consequence sheet and correspondence. The issue arises…