- The plea was dismissed after observing a pre-existence of a dispute over the claims
- The dispute was reportedly related to the advertising of the IPL team Gujarat Lion, which was owned by Intex Technologies
According to a report by PTI, the National Company Law Appellate Tribunal (NCLAT) has dismissed a plea to start insolvency proceedings against Intex Technologies by one of its creditors.
The NCLAT bench which included three members was headed Chairperson Justice S J Mukhopadhaya. The plea was dismissed after observing a pre-existence of a dispute over the claims.
“We find no merit in this appeal and the same is accordingly dismissed,” said the National Company Law Appellate Tribunal (NCLAT).
Pre-existence of dispute
“For the said reason, if documents have been placed showing that there is a ‘pre-existence of dispute’ with regard to the alleged claim, the Adjudicating Authority (NCLT) without going into the merit of the case, had rightly rejected the application under Section 9 on the ground that there is ‘pre-existence of dispute’,” it added.
The NCLT had noticed that the e-mails were exchanged between the parties before the filing of the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 by the operational creditor for initiation of insolvency resolution process against Intex Technologies over a claim of Rs 23.23 lakh, reported PTI.
The dispute was reportedly related to the advertising of the IPL team Gujarat Lion. Intex Technologies bought Gujarat Lion in 2015.