Court :
NCLAT
Brief :
Please note that main objective of IBC,2016 is resolution of insolvency status of a Corporate Debtor through re-organisation and not liquidation. The Code,2016 empowers Operational Debtor to file CIRP under provisions of Section 10 by following due process for their valid claims. Please note that for Operational Debtors the Operational Debt should be clear and not in dispute and if Corporate Debtor disputes with corroborative evidences that operational debts claimed by Operational Creditor is disputable, then petition will not be considered by the authority.
Citation :
J.P. ENGINEERS PVT. LTD v. MURTI UDYOG LTD
[NCLAT] Company Appeal (AT) (Insolvency) No. 321 of 2017
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