Payment Made on Specific Invoice not adjustable Against Back-Dated Invoices: NCLT rejects petition filed u/s 9 of IBC [Read Order]
Hence, the amount remaining unpaid, after excluding the payments already made, fell below the minimum threshold limit of Rs. 1 crore for initiating Insolvency under Section 9 of the Code. Consequently, the Tribunal dismissed the petition
While rejecting a petition filed under section 9 of the Insolvency & Bankruptcy Code, 2016 (the code), the New Delhi bench of the National Company Law Tribunal (NCLT) held that when a payment is made by the Corporate Debtor against a specific invoice raised by the Operational Creditor, it can’t be adjusted against back-dated invoices….
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