NCLT rejects Uniton Infra's plea against SP group
Mumbai: The National Company Law Tribunal has dismissed a petition filed by Uniton Infra to initiate bankruptcy proceedings against Shapoorji Pallonji & Co. The claim, pertaining to a ₹4.31 crore alleged default, was rejected as it did not meet the necessary criteria. Uniton Infra had lodged the petition under Section 9 of the Insolvency and Bankruptcy Code, asserting that Shapoorji Pallonji & Co had failed to compensate for the repairs carried out on Nellore's cement concrete roads.
However, the court found that one of the two invoices presented by Uniton Infra was issued during a ban on bankruptcy filings, and the other claim did not meet the ₹1 crore threshold required to commence proceedings.
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