NCLT Chennai dismissed an insolvency petition filed by New Chennai Township Pvt Ltd against Eswari Electricals Pvt Ltd due to a pre-existing dispute over lease agreements.
The operational creditor claimed Rs 1.78 crore in unpaid lease rent and maintenance charges, which the corporate debtor disputed citing prior settlement and contractual breaches.
The tribunal also dismissed a counter-application by Eswari Electricals seeking penalties under Section 65 of IBC for malicious initiation of proceedings.
The ruling cited extensive correspondence and a dishonored cheque as evidence of disputes existing prior to the demand notice.