New Delhi, Nov 27 (KNN) In a pivotal decision, the National Company Law Appellate Tribunal (NCLAT) Delhi has dismissed the petition seeking to initiate insolvency proceedings against Amazon Wholesale (India).
The appellate tribunal upheld the earlier ruling by the National Company Law Tribunal (NCLT), which in March 2023 had rejected the insolvency plea filed by Multiplier Brand Solutions.
The NCLAT emphasised that the petition was based on disputed invoices and that the dispute had arisen well before the formal demand notice was issued.
The tribunal ruled that the NCLT was correct in refusing to initiate the Corporate Insolvency Resolution Process (CIRP), given the pre-existing nature of the dispute between the two…
