The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed an appeal filed by Drilltech Engineers challenging the National Company Law Tribunal (NCLT) Chandigarh Bench’s rejection of its insolvency plea against real estate major DLF.
A coram of Chairperson Justice Ashok Bhushan and comprising Technical Members Barun Mitra and Arun Baroka held that the existence of a “pre-existing dispute” barred the initiation of insolvency proceedings under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC).
“There is a lot of communication exchanged between the two parties indicating pre-existing dispute, which cannot be ignored and which cannot be said to be moonshine or spurious,” the NCLAT said, adding that such…
