Substantia Capital Services LLP, claiming to be an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Neelkanth Realtors Private Limited, the Corporate Debtor. The Adjudicating Authority (NCLT), Mumbai Bench, rejected the application on August 31, 2018. The Appellant claims to have facilitated the Corporate Debtor in obtaining a loan from a Financial Creditor and is entitled to a fee that has not been paid since 2015. The Respondent argued that a pre-existing dispute existed, referring to a letter dated October 28, 2016. The Appellant argued that the dispute was a mere bluster, citing a Supreme Court decision. The court found that a pre-existing dispute existed based on the Respondent's letter.

Substantia Capital Services LLP, claiming to be an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Neelkanth Realtors Private Limited, the Corporate Debtor. The Adjudicating Authority (NCLT), Mumbai Bench, rejected the application on August 31, 2018. The Appellant claims to have facilitated the Corporate Debtor in obtaining a loan from a Financial Creditor and is entitled to a fee that has not been paid since 2015. The Respondent argued that a pre-existing dispute existed, referring to a letter dated October 28, 2016. The Appellant argued that the dispute was a mere bluster, citing a Supreme Court decision. The court found that a pre-existing dispute existed based on the Respondent's letter.