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The National Company Law Appellate Tribunal (NCLAT) dismissed a plea to initiate insolvency proceedings against smartphone and mobile accessories maker Intex Technologies India Ltd by one of its creditors.
A three-member NCLAT Bench headed by Chairperson Justice SJ Mukhopadhaya upheld the order of the NCLT Delhi, which had dismissed the plea of the operational creditor after observing a pre-existence of dispute over the claims.
On September 1, the National Company Law Tribunal (NCLT) Delhi had rejected the application filed by Avalon Sports and Media on the same ground, following which it was challenged before the NCLAT by the firm.
“We find no merit in this Appeal and the same is accordingly dismissed,” said the NCLAT.
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