CIRP Application Dismissed: Applicant Failed to Prove "Debt" and "Default" Under Insolvency and Bankruptcy Code's Strict Standards.

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....Initiation of CIRP - The Applicant failed to establish the "debt" and "default". Since IBC is a rigorous act, it ought to be exercised with abundant caution. There ought to be no doubt of "alleged debt". Since there are lot of ambiguity regarding supply and payment, the application is dismissed. - Tri....