https://www.taxtmi.com/caselaws?id=792684 A Section 9 Insolvency and Bankruptcy Code petition requires a clear, undisputed operational debt and default. On the record, rival contemporaneous documents on freight payment for the 2019 voyage created a genuine dispute over whether the respondent's cargo liability had already been discharged through third parties or remained outstanding. The appellant's settlement with the shipowner did not conclusively establish the respondent's liability because the respondent was not a party to that settlement and the underlying facts remained unresolved. As the defence was supported by documents and was not sham or illusory, the matter needed detailed factual inquiry beyond Section 9's summary scope, and the application was not maintainable. en-us Fri, 29 May 2026 00:00:00 +0530 Tue, 02 Jun 2026 08:47:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792684 A Section 9 Insolvency and Bankruptcy Code petition requires a clear, undisputed operational debt and default. On the record, rival contemporaneous documents on freight payment for the 2019 voyage created a genuine dispute over whether the respondent's cargo liability had already been discharged through third parties or remained outstanding. The appellant's settlement with the shipowner did not conclusively establish the respondent's liability because the respondent was not a party to that settlement and the underlying facts remained unresolved. As the defence was supported by documents and was not sham or illusory, the matter needed detailed factual inquiry beyond Section 9's summary scope, and the application was not maintainable. Case-Laws IBC Fri, 29 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792684