Non-payment of stamp duty on agreements irrelevant for insolvency proceedings if debt proved otherwise: NCLT

In a reference question raised before it, the NCLT held that the issue of stamp duty is irrelevant and uncalled for in a plea seeking initiation of CIRP more so when the ‘debt’ and ‘default’ are proved.

The Mumbai Bench of National Company Law Tribunal (NCLT) on Thursday held that deficit or non-payment of stamp duty with respect to agreements relied upon by the creditor is immaterial when it comes to initiation of insolvency proceedings against the corporate debtor under the Insolvency and Bankruptcy Code, provided the debt stands proved otherwise [Vistra ITCL India Limited v. Satra Properties (India) Limited].

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