# In the matter of FTI Consulting India Pvt. Ltd. vs. M G F Developments Ltd.

> NCLAT judgment dated 2025-12-23. Citation: TCN-2025-NCLAT-00627. FTI Consulting India Pvt. Ltd. filed an appeal against the order dated 31.10.2025 passed by…

- **Court:** NCLAT
- **Order date:** 23 Dec 2025
- **Citation:** TCN-2025-NCLAT-00627
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/fti-consulting-india-pvt-ltd-vs-m-g-f-developments-ltd-24a0ea35

## Summary

### Background

FTI Consulting India Pvt. Ltd. filed an appeal against the order dated 31.10.2025 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-III, which rejected their Section 9 application under the Insolvency and Bankruptcy Code (IBC). The application pertained to an alleged operational debt owed by MGF Developments Ltd.

## Facts

FTI Consulting India Pvt. Ltd. (Appellant) agreed to provide independent expert services to MGF Developments Ltd. (Respondent) concerning an arbitration case in London.

A service agreement was executed between FTI Consulting and MGF Developments on 26.02.2020.

Mr. Montek Mayal, a Senior Managing Director at FTI Consulting, was the primary contact for the agreement.

Mr. Montek Mayal left FTI Consulting on 14.01.2022.

FTI Consulting issued invoices to MGF Developments between May 2022 and February 2023.

MGF Developments made payments totaling USD 469,600 towards the invoices.

FTI Consulting issued a demand notice under Section 8 of the IBC on 15.07.2024, claiming a default of USD 367,353.29.

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## Issues and analysis

### Issue 1: Whether the reply to the demand notice dated 25.07.2024 constitutes a valid notice of dispute under …

**Ratio:** Section 8(2) of the IBC requires the corporate debtor to bring to the notice of the

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**Reasoning:** The Respondent's reply to the demand notice categorically pleaded that the reply should

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**Interpretation:** The NCLAT interpreted the reply to the demand notice as a valid notice of

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**Application:** The NCLAT applied the provisions of Section 8(2) of the IBC and the judgment in

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** FTI Consulting…
- **Respondents:** MGF Developments…; MGF Developments…
- **Advocates:** Nalin K…; Anshul…; +3 more

## Timeline

- **2020-02-26 — Service Agr…**: Service agreement executed between FTI…
- **2022-01-14 — Montek Mayal L…**: Mr. Montek Mayal left…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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