The National Company Law Appellate Tribunal (NCLAT) on Monday set aside a plea against HUL, filed by an operational creditor seeking initiation of insolvency proceedings against the FMCG major.
The appellate tribunal has upheld an order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which on September 5, 2024 had set aside a plea filed under Section 9 of IBC by K Lakshmi Narayana, Proprietor of Lalithambica Enterprises, alleging default.
The NCLT had found that the sum of the invoices, which was within the three-year limitation period, was less than the threshold limit of ₹1 crore.
Besides, the appellate tribunal noted that HUL’s submission relates to a pre-existing dispute, for which a legal notice was issued…
