Application U/S 9 Of IBC Cannot Be Admitted When Debt Is Discharged By Corporate Debtor After Receipt Of Demand Notice: NCLAT

NCLAT has ruled that an application under Section 9 of the IBC cannot be admitted when the debt is discharged by the corporate debtor after the receipt of the demand notice. This decision clarifies the conditions for admitting applications under the IBC. The tribunal's ruling emphasizes the importance of adhering to statutory provisions. This judgment provides clarity on IBC procedures. The ruling underscores the need for legal compliance.