The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that issuance of a fresh demand notice with significant changes like claimed amount, date of default etc. triggers a time line therefore if any dispute is pending between the parties before the demand notice is issued, an application under section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be admitted.
The present appeal has been filed against an order passed by National Company Law Tribunal (NCLT) by which an application filed under section 9 of the IBC was rejected.
The Operational Creditor and the Corporate Debtor entered into an agreement by…