Court Upholds CIRP Initiation: Debtor's False Dispute u/s 9 Rejected, Application Deemed Maintainable.

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....Maintainability of application - initiation of CIRP - The present is a case where we are satisfied that there is no dispute, in fact, prior to issuance of Section 8 notice. - We are fully satisfied that present is a case where Corporate Debtor is trying to raise illusory dispute and in fact no dispute existed. The Corporate Debtor cannot be allowed to raise bogy of disputes to save it from its liabilities and the debt under Section 9. - AT....