Section 9 Application Dismissed Due to Genuine Dispute Over Outstanding Payment Between Parties

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....The NCLAT dismissed the Section 9 application filed by the Operational Creditor due to the existence of a pre-existing dispute concerning the amount payable by the Corporate Debtor. The Operational Creditor admitted only eight out of seventeen credit notes issued for special quantity discounts, evidencing a commercial arrangement between the parties. The Corporate Debtor's ledger reflected an outstanding balance of Rs. 22,56,833/-, which it was willing to pay, but the Operational Creditor refused acceptance. The Tribunal held that the dispute was not a mere feeble legal argument but a plausible contention requiring investigation, thereby negating the application under Section 9. The Adjudicating Authority correctly refrained from detailed i.........