The National Company Law Appellate Tribunal (NCLAT) has upheld a previous decision rejecting an insolvency plea made by Reliance Realty against Altruist Customer Management. The dismissal was originally issued by the National Company Law Tribunal (NCLT), which cited a pre-existing dispute over Rs 24.34 crore in rental dues.
Reliance Realty sought insolvency proceedings under Section 9 of the Insolvency and Bankruptcy Code (IBC), claiming operational debt from rental obligations owed by Altruist for use of a premise in Thane, Maharashtra. However, the NCLT’s dismissal was backed by NCLAT, which found the dispute genuine and predating the insolvency petition.
NCLAT stressed that its role is not to resolve complex disputes when…