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Pre-existing dispute can’t be a subject matter of section 7 of IBC, rules NCLAT

October 9, 2019[2019] 110 taxmann.com 130 (NCL-AT)
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IBC : Merely because a suit has been filed by applicant and pending, cannot be a ground to reject application under section 7. Pre-existing dispute cannot be a subject matter of section 7, though it may be relevant under section 9

• Once Adjudicating Authority is satisfied on basis of records that debt is payable and there is default, Adjudicating Authority is required to admit application filed under section 7.

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