The NCLT has dismissed an insolvency plea against the Indian unit of telecom gear manufacturer ZTE filed by TVS Supply Chain Solutions after observing a pre-existing dispute between the parties.

A Chandigarh-based bench of the National Company Law Tribunal (NCLT), the debt claimed by TVS Supply Chain Solutions was disputed and under reconciliation dating back to 2017, well before the statutory demand notice.

"In view of these facts, we hold that this being a case of preexisting dispute, the Application under Section 9 is not at all maintainable," said the NCLT bench, comprising members Kaushalendra Kumar Singh and Khetrabasi Biswal.

TVS Supply Chain Solutions, earlier known as TVS Logistics Services, had moved the insolvency tribunal claiming a default of ₹4.27 crore from ZTE Telecom In

See Full Page