Application u/s 9 of Insolvency and Bankruptcy Code not Maintainable in absence of Strict Proof of Debt and Default: NCLT [Read Order]

Application - Insolvency - Bankruptcy Code - Strict Proof - Debt - Default - NCLT - taxscan

The Mumbai Bench of the National Company Law Tribunal ( NCLT ) has held that the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ( IBC, 2016 ) for initiating a Corporate Insolvency Resolution Process ( CIRP ) is not maintainable in the absence of valid proof of debt and default. Mittal…

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