{"id":200619,"date":"2018-08-25T12:21:29","date_gmt":"2018-08-25T06:51:29","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=200619"},"modified":"2018-10-18T14:52:38","modified_gmt":"2018-10-18T09:22:38","slug":"if-debt-has-been-disputed-question-of-default-doesnt-arise-orders-under-section-9-ib-code-quashed-nclat","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/25\/if-debt-has-been-disputed-question-of-default-doesnt-arise-orders-under-section-9-ib-code-quashed-nclat\/","title":{"rendered":"If \u2018debt\u2019 has been \u2018disputed\u2019, question of default doesn’t arise; orders under Section 9 I&B Code quashed: NCLAT"},"content":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): <\/strong>A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice A.I.S. Cheema, Member (Judicial), allowed an appeal filed against the order of National Company Law Tribunal, Mumbai whereby an application preferred by the respondent (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 was admitted; order of moratorium was passed; and Insolvency Resolution Professional was appointed.<\/p>\n

The appellant (Corporate Debtor), referring to the emails exchanged between the parties, submitted that there was an existence of dispute<\/em> prior to issuing of demand notice<\/em> under Section 8(1). The dispute<\/em> as alleged was regarding the quantum of payment<\/em>, which was subsequently settled and the agreed amount plus GST had already been paid to the respondent. It is pertinent to note that originally, as submitted by the respondent, the appellant agreed to pay a fee of Rs 1 crore as brokerage towards the TATA-Neptune <\/em>deal. However, the respondent accepted that the same was settled at Rs 75 lakhs plus GST, part payment of which was already done. The appellant submitted that though there was an existence of dispute, inspite of the same the NCLT admitted respondent\u2019s application under Section 9 and passed the order impugned.<\/p>\n

For settling the issue at hand, the Appellate Tribunal made a reference to the Supreme Court decision in Innoventive Industries Ltd. <\/em>v. <\/strong>ICICI Bank<\/strong>,\u00a0<\/em>(2018) 1 SCC 407\u00a0<\/a>and perused Section 7 (when it comes to financial creditor triggering the process, this section becomes relevant) and Section 9 of the Code. It was observed that the Supreme Court, in the case mentioned herein, held that in a petition under Section 9, the Corporate Debtor has a right to show that there is an existence of dispute <\/em>\u00a0about the quality of goods and services provided, as well as a right to dispute the debt<\/em> including the quantum of payment<\/em>. In view of the Appellate Tribunal, the emails exchanged between the parties clearly show that negotiations were going on relating to the quantum of payment. Originally, the payment to be made was Rs 1 crore which was finally settled at Rs 75 lakh. In such circumstances, it could be accepted that there was an existence of dispute about the payment of the debt. The Appellate Tribunal held, if the debt<\/em> has been disputed, the question of default <\/em>does not arise. Accordingly, the appeal filed by the Corporate Debtor was allowed; the order impugned passed by the National Company Law Tribunal, Mumbai was set aside, and the application preferred by Operational Creditor was dismissed. [Nayan Shah v. Viral Rajarashi Mehta,\u00a02018 SCC OnLine NCLAT 411<\/b><\/a>, dated 29-06-2018]<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice A.I.S. Cheema, Member (Judicial), allowed <\/p>\n","protected":false},"author":8808,"featured_media":153604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[31346,30597,31590,31347],"class_list":["post-200619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-debt","tag-insolvency-resolution-professional","tag-order-of-moratorium","tag-section-9-ib-code"],"yoast_head":"\nIf \u2018debt\u2019 has been \u2018disputed\u2019, question of default doesn't arise; orders under Section 9 I&B Code quashed: NCLAT | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/25\/if-debt-has-been-disputed-question-of-default-doesnt-arise-orders-under-section-9-ib-code-quashed-nclat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"If \u2018debt\u2019 has been \u2018disputed\u2019, question of default doesn't arise; orders under Section 9 I&B Code quashed: NCLAT\" \/>\n<meta property=\"og:description\" content=\"National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. 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Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) allowed an appeal filed against an order of National Company Law Tribunal (Mumbai). 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Mukhopadhaya (Chairperson) and Justice B.L. Bhat (Judicial member) rejected an appeal challenging an NCLT judgement where it allowed a liquidator to sell the assets of a company which had been attached by the Directorate of Enforcement (ED) during\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":249530,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/moratorium\/","url_meta":{"origin":200619,"position":2},"title":"NCLAT | Can Banks debit amounts from Corporate Debtor Company after Moratorium Order? Is there an obligation of releasing \u2018title deeds\u2019 under Resolution Process? Read on","author":"Bhumika Indulia","date":"June 10, 2021","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): The Division Bench of Justice Anant Bijay Singh, Judicial Member and Shreesha Merla, Technical Member held that the Banks cannot freeze accounts, nor can they prohibit the \u2018Corporate Debtor\u2019 from withdrawing the amount as available on the date of the moratorium for its day-to-day\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":199815,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/07\/section-138-ni-act-proceedings-not-covered-within-the-period-of-moratorium-under-section-14-ib-code-nclat\/","url_meta":{"origin":200619,"position":3},"title":"Section 138 NI Act proceedings not covered within the period of moratorium under Section 14 I&B Code: NCLAT","author":"Bhumika Indulia","date":"August 7, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial), allowed an appeal filed against the order of the National Company Law Tribunal, Chennai whereby the appellant was directed to withdraw the complaint case filed under Section 138\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":264487,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/26\/national-company-law-tribunal-orders-insolvency-proceedings-against-supertech\/","url_meta":{"origin":200619,"position":4},"title":"National Company Law Tribunal orders insolvency proceedings against Supertech: Indebted and defaulted repayment of loan","author":"Bhumika Indulia","date":"March 26, 2022","format":false,"excerpt":"National Company Law Tribunal, New Delhi: The Coram of P.N. Prasad, Judicial Member and Rahul Bhatnagar, Technical Member, declared insolvency proceedings against the builder Supertech Limited. An application was filed to initiate the Corporate Insolvency Resolution Process against Supertech Limited under Section 7 of the Insolvency and Bankruptcy Code 2016\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":196483,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/05\/28\/corporate-insolvency-resolution-process-to-be-ordered-only-upon-the-existence-of-default-not-merely-debt\/","url_meta":{"origin":200619,"position":5},"title":"Corporate Insolvency Resolution Process to be ordered only upon the existence of default, not merely debt","author":"Saba","date":"May 28, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): The NCLAT has held that initiation of Corporate Insolvency Resolution Process (\u201cCIRP\u201d) must be ordered only if there exists a default on part of the corporate debtor and not merely because there is a debt on which no default has occurred as such. 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