https://www.taxtmi.com/highlights?id=80671 The NCLAT held that the corporate debtor failed to substantiate a pre-existing dispute with the operational creditor regarding the unpaid operational debt. The corporate debtor's claims of fake invoices and GST raids did not constitute a genuine pre-existing dispute concerning the operational debt. The corporate debtor's contentions about solvency and civil proceedings were irrelevant for initiating CIRP under IBC. Since the corporate debtor did not demonstrate a pre-existing dispute as required u/s 9, the adjudicating authority rightly admitted the operational creditor's application and initiated CIRP against the corporate debtor. The appeal was dismissed. en-us Sat, 24 Aug 2024 09:04:37 +0530 Sat, 24 Aug 2024 09:04:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80671 The NCLAT held that the corporate debtor failed to substantiate a pre-existing dispute with the operational creditor regarding the unpaid operational debt. The corporate debtor's claims of fake invoices and GST raids did not constitute a genuine pre-existing dispute concerning the operational debt. The corporate debtor's contentions about solvency and civil proceedings were irrelevant for initiating CIRP under IBC. Since the corporate debtor did not demonstrate a pre-existing dispute as required u/s 9, the adjudicating authority rightly admitted the operational creditor's application and initiated CIRP against the corporate debtor. The appeal was dismissed. Highlights Insolvency and Bankruptcy Sat, 24 Aug 2024 09:04:37 +0530 https://www.taxtmi.com/highlights?id=80671