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The Corporate Debtor admitted outstanding operational debt owed to the Operational Creditor, citing adverse cash flow as the reason for non-payment, without attributing any dispute. The admitted debt exceeded the prescribed threshold limit. The Corporate Debtor's contentions regarding partial admission of debt and existence of pre-existing disputes were found unsubstantiated. The Adjudicating Authority rightly initiated Corporate Insolvency Resolution Process (CIRP) u/s 9 of the Insolvency and Bankruptcy Code (IBC), as all requisite conditions were fulfilled - the operational debt was due and payable, exceeded the threshold, and no real pre-existing dispute existed. The Appellate Tribunal dismissed the appeal, upholding the Adjudicating Authority's order admitting the Section 9 application and initiating CIRP against the Corporate Debtor.
The Corporate Debtor admitted outstanding operational debt owed to the Operational Creditor, citing adverse cash flow as the reason for non-payment, without attributing any dispute. The admitted debt exceeded the prescribed threshold limit. The Corporate Debtor's contentions regarding partial admission of debt and existence of pre-existing disputes were found unsubstantiated. The Adjudicating Authority rightly initiated Corporate Insolvency Resolution Process (CIRP) u/s 9 of the Insolvency and Bankruptcy Code (IBC), as all requisite conditions were fulfilled - the operational debt was due and payable, exceeded the threshold, and no real pre-existing dispute existed. The Appellate Tribunal dismissed the appeal, upholding the Adjudicating Authority's order admitting the Section 9 application and initiating CIRP against the Corporate Debtor.
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