Petition u/s 9 rightly rejected due to pre-existing dispute. Plausible forgery allegations & contractual breach claims led to dispute.

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....The Adjudicating Authority rightly rejected the petition filed u/s 9 of the Code due to a pre-existing dispute between the parties. The Corporate Debtor raised a plausible contention about forgery allegations and a pre-existing dispute, which is not a feeble legal argument. The Appellant did not complete the project as per the contractual terms, and there were claims and counterclaims leading to a dispute. The issue of limitation was also raised, as the statutory demand notice was issued beyond the prescribed period from the date of the last invoice. The Impugned Order dismissing the petition u/s 9 was upheld, and the Appeal was dismissed, as there existed a pre-existing dispute between the parties, which is not a moonshine.....