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NCLT Erred in Admitting Section 9 Application for Insolvency Amid Genuine Dispute Over Unpaid Operational Debt.

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....Initiation of CIRP - Demand Notice on unpaid Operational Debt - existence of dispute - When we look into the contents of allegations made in the Reply Notice, it is clear that Reply notice raises substantial and genuine issues to oppose the claim of the Operational Creditor’s amount due. - Present is a case where it cannot be said that defence taken by the Corporate Debtor in Reply Notice is a moonshine defence unsupported by any evidence. - NCLT ought not to have admitted the Section 9 Application. - AT....

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