News

October 30, 2019

National Company Law Tribunal Sets Aside Petition To Initiate Insolvency Proceedings Against Intex Technologies


[ By Bobby Anthony ]

National-Company-Law-Appellate-Tribunal

The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea to initiate insolvency proceedings against smartphone and mobile accessories maker Intex Technologies India Ltd by a creditor.

The NCLAT upheld an order by NCLT Delhi, which had dismissed the plea of an operational creditor after observing a pre-existence of dispute over claims.

The NCLAT observed that there was a pre-existing dispute between the creditor and Intex Technologies, due to which the NCLT has rightly rejected it.

If documents have been placed showing that there was 'pre-existence of dispute' with regard to the alleged claim, the NCLT had rightly rejected the application under Section 9 on the ground that there is 'pre-existence of dispute, the NCLAT stated.

Earlier, the NCLT had noticed that e-mails were exchanged between the parties before filing of an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 by the operational creditor to initiate an insolvency resolution process against Intex Technologies over a claim of Rs 23.23 lakh.

It was found that in its email dated December 3, 2018, Intex had disputed the claim on the ground that payment of commission is in line with 'terms and conditions' of the agreement reached between the two companies.

The dispute was related to advertising of IPL team Gujarat Lions, which was owned by Intex Technologies.

Mobile wallet company Oxigen Services was brought in as a sponsor by Avalon Sports and Media, which had entered into an brand promotion services commission agreement in April 2016.

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