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Operational Creditors' Petition Denied u/s 9 IBC: CIRP Not for Disputed Debt Recovery Against Profitable Business.

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....Initiation of CIRP - Operational Creditors - existence of debt and dispute or not - This petition has been filed to recover disputed debt, which is not the object of the Code, treating this AA as a debt recovery forum. An undisputed debt is a sine qua non for an application filed u/s. 9 of the Code. Allowing such a petition against a profit-making viable unit would defeat the purpose of the Code - Tri....

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