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In case of pre-existence of dispute with regard to non-completion of IPO in-time, plea to initiate CIRP to be rejected

January 13, 2020[2020] 113 28 (NCLT - Hyd.)

IBC: Where vide an agreement for legal service, operational creditor was appointed as legal counsel for initial public offering (IPO) of shares of corporate debtor and corporate debtor raised a dispute that in terms of said agreement neither draft red herring prospectus was filed with SEBI nor IPO was completed within 12 months and thus, operational creditor was not entitled for outstanding consultancy fees, there being pre-existence of dispute, instant application to initiate CIRP was to be rejected

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