NCLT rejects CIRP application u/s 9 as demand notice issued after appointed of an arbitrator on dispute – SREI Infrastructure Finance Ltd. Vs. Assam Electronics Development Corporation Ltd. – NCLT Guwahati Bench
October 16, 2021
Adjudicating Authority held that it is clearly established that there is an existence of dispute prior to issuing of demand notice/filing of the application as the Applicant here itself has gone to Hon’ble High Court in the year 2019 and thereafter this Application has been filed by the Petitioner under Section 9 of the IBC before this Bench on 10/04/2021. One of the main provisions under Section 9 of IBC is that, if there is an existence of dispute prior to issuing of demand notice by the OC, then the said Application needs to be rejected. Considering the points mentioned above, this Application filed under Section 9 of IBC is hereby rejected.