The National Company Law Appellate Tribunal (NCLAT), New Delhi, on 4 November set aside the admission of insolvency proceedings against FTF Pharma Private Limited, finding that a genuine pre-existing dispute existed between the parties before the issuance of the statutory demand notice under the Insolvency and Bankruptcy Code (IBC), 2016.
A Bench of Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Naresh Salecha allowed an appeal filed by Abhay Sapre, suspended director of FTF Pharma, challenging the Ahmedabad Bench of the National Company Law Tribunal’s (NCLT) order admitting a Section 9 application filed by operational creditor Immacule Lifesciences Private Limited. It held:
“Having found that pre-existing disputes…