NCLAT dismisses insolvency plea against HUL, cites pre-existing dispute

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NCLAT dismisses insolvency plea against HUL, cites pre-existing dispute - Business Standard

Quick Summary:

The appellate tribunal has upheld an order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which on September 5, 2024 had set aside a plea filed under Section 9 of IBC by K Lakshmi Narayana, Proprietor of Lalithambica Enterprises, alleging default.

The National Company Law Appellate Tribunal (NCLAT) on Monday set aside a plea against HUL, filed by an operational creditor seeking initiation of insolvency proceedings against the FMCG major.

Besides, the appellate tribunal noted that HUL's submission relates to a pre-existing dispute, for which a legal notice was issued on January 17, 2019.