The National Company Law Appellate Tribunal (NCLAT) recently held in an appeal against the Allahabad bench of the National Company Law Tribunal (NCLT) that any disputes within a corporate debtor company is not one that is defined under the Insolvency and Bankruptcy Code, 2016 (IBC), which only takes into consideration disputes between a debtor and its operational creditors.
In Mr Chetan Sharma v Jai Lakshmi Solvents Pvt Ltd, the corporate debtor appealed against an order passed by the NCLT for separate appeals filed by different operational creditors, who were owed a total of ₹60 million (US$870,000) by the corporate debtor. In response to applications filed under section 9 of the IBC, the NCLT admitted one application, passed a moratorium order, appointed an interim resolution professional and disposed of the other applications.
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The dispute digest is compiled by Bhasin & Co, Advocates, a corporate law firm based in New Delhi. The authors can be contacted at lbhasin@bhasinco.in or lbhasin@gmail.com. Readers should not act on the basis of this information without seeking professional legal advice.
