Introduction
India, Company & Commercial, Insolvency & Restructuring, Litigation, Khaitan & Co, Coronavirus, Insolvency, National Company Law Tribunal
In a significant judgment dated 9 June 2020 titled ‘Indus Biotech Private Limited v.
India, Arbitration & ADR, Insolvency & Restructuring, Litigation, Khaitan & Co, Private equity, Title 11 of the US Code
Introduction
The term ‘dispute’ assumes great importance under the Insolvency and Bankruptcy Code, 2016 (Code). This is because under Section 9(5)(ii)(d) of the Code, an operational creditor’s application for initiating corporate insolvency is liable to be rejected if a ‘notice of dispute’ in relation to ‘existence of a dispute’ is received by such an operational creditor from a corporate debtor. The term ‘dispute’ is defined in Section 5(6) and referred to in Section 8(2) of the Code in the following manner: