CIRP Blocked: Tribunal Rejects Insolvency Initiation Amid Substantial Pre-existing Dispute, Requires Court Adjudication.

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....initiation of CIRP - pre-existing dispute between the parties - The defence raised by the Corporate Debtor in their reply to the Section 8 demand notice and detailed reply filed in Section 9 application is not illusory or moonshine and that the nature of dispute raised was such that it required adjudication by competent court. - NCLT rightly rejected the application - AT....