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ARTICLE · 30 AUGUST 2017

NCLAT Interprets Disputed Debts Under The Insolvency Bankruptcy Code, 2016

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A need to codify and consolidate the laws related to bankruptcy or insolvency was felt since a long time.

IndiaInsolvency/Bankruptcy/Re-Structuring
S.S. Rana & Co. Advocates
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Introduction:

A need to codify and consolidate the laws related to bankruptcy or insolvency was felt since a long time. The Insolvency and Bankruptcy Code, 2016 ("Code") brought about many changes to the laws related to corporate insolvency resolution making the process definite, ascertainable and easier. The new code makes the National Company Law Tribunal ("NCLT") and the National Company Law Appellate Tribunal ("NCLAT"), the adjudicating authority, inter alia in case an application is filed for resolution of matters pertaining to insolvency. Upon a collective reading of various provisions of the code it is observed that if the notice of a disputed debt is sent to the operational creditor by the corporate debtor, then the NCLT is required to send back/ reject the application for corporate insolvency resolution process. ("CIRP").

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