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CIRP plea dismissed as no default occurred when operational creditor failed to supply pump sets as per purchase order

May 14, 2020[2020] 116 taxmann.com 560 (NCLT - Mum.)
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IBC : Where corporate debtor was appointed as EPC contractor by a Tanzanian company for providing/supplying pump sets and subsequently, as per requirement suggested by said Tanzanian company corporate debtor placed purchase orders on operational creditor for supply of same, in view of fact that pump sets were not delivered by operational creditor and corporate debtor had informed to operational creditor about termination of contract with Tanzanian company and that said purchase orders were closed, there was no debt and default committed by corporate debtor and thus, application to initiate CIRP against corporate debtor was to be dismissed

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