The Principal Bench of the National Company Law Appellate Tribunal (NCLAT) at New Delhi recently upheld the initiation of the Corporate Insolvency Resolution Process (CIRP) against a corporate debtor (CD), noting that the CD failed to prove any pre-existing dispute regarding an outstanding ₹8.48 lakh operational debt that was claimed by the operational creditor.
The present appeal was filed by Ramniwas B. Somany, suspended director of Indian Denim Ltd., challenging an order dated 22 September 2023 passed by the NCLT Ahmedabad Bench, admitting a Section 9 application filed by the operational creditor under the Insolvency and Bankruptcy Code, 2016 (IBC).
Operational creditor Anushri Paper Pack Pvt. Ltd. had supplied…