The Corporate Debtor admitted outstanding operational debt owed to the Operational Creditor, citing...

The Corporate Debtor admitted outstanding operational debt owed to the Operational Creditor, citing adverse cash flow as the reason for non-payment, without attributing any dispute. The admitted debt exceeded the prescribed threshold limit. The Corporate Debtor's contentions regarding partial admission of debt and existence of pre-existing disputes were found unsubstantiated. The Adjudicating Authority rightly initiated Corporate Insolvency Resolution Process (CIRP) u/s 9 of the Insolvency and Bankruptcy Code (IBC), as all requisite conditions were fulfilled - the operational debt was due and payable, exceeded the threshold, and no real pre-existing dispute existed. The Appellate Tribunal dismissed the appeal, upholding the Adjudicating Authority's order admitting the Section 9 application and initiating CIRP against the Corporate Debtor. .....

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