The Mumbai Bench of the National Company Law Tribunal (NCLT) has admitted an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Proto D Industries Private Limited, holding that the operational creditor had established a default of over Rs. 5.8 crore and the corporate debtor had failed to prove any ‘pre-existing dispute’.
The application was filed by Rexel India Private Limited, the Applicant (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 ( “the Code”) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ( “the AAA Rules”). The Application is signed by Mr. Suraj Alhat authorised vide Board Resolution dated…