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NCLAT allowed the appeal, set aside the impugned admission under Section 9 and held the application liable to be rejected because a pre-existing bona fide dispute existed between the Operational Creditor (OC) and the Corporate Debtor (CD). Applying the Mobilox principle, the Tribunal found the dispute over alleged deficiency of services and invoice liability was plausible and supported by contemporaneous correspondence and a notice of dispute, not a patently feeble or sham plea. The Adjudicating Authority erred in admitting the Section 9 petition and in treating the CD's ledger balance as decisive; in view of Section 9(5)(2)(d) the petition ought to have been rejected.
NCLAT allowed the appeal, set aside the impugned admission under Section 9 and held the application liable to be rejected because a pre-existing bona fide dispute existed between the Operational Creditor (OC) and the Corporate Debtor (CD). Applying the Mobilox principle, the Tribunal found the dispute over alleged deficiency of services and invoice liability was plausible and supported by contemporaneous correspondence and a notice of dispute, not a patently feeble or sham plea. The Adjudicating Authority erred in admitting the Section 9 petition and in treating the CD's ledger balance as decisive; in view of Section 9(5)(2)(d) the petition ought to have been rejected.
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