While affirming the impugned order, the NCLAT granted the appellant option to pursue proceedings as per the agreement between the parties before an appropriate forum in accordance with the law.
“The Adjudicating Authority does not appear to have committed any error in holding the alleged disputes claimed by the Corporate Debtor to be feeble as it is not supported by credible evidence.” NCLAT
Supreme Court held that the period of suspension of legal proceedings is excludable in computing the period of limitation for the enforcement of such right in terms of Section 22(5), SICA. Further, the dismissal of the application under Section 9, IBC on the ground of ‘pre-existing dispute’ cannot be held to be patently illegal or perverse.
In the instant matter, the petitioner preferred an appeal challenging the order of Adjudicating Authority dismissing application in view of the “pre-existing dispute”. NCLAT held that when the reply to Demand Notice was not filed within 10 days, the Corporate Debtor is not precluded from raising the question of dispute or pleading that there is no amount due and payable.
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