M/S Sree UGCL Projects Ltd. (Operational Creditor) filed an application under Section 9 of the IBC to initiate CIRP against M/S Geosphere Industries Pvt. Ltd. (Corporate Debtor).

The Operational Creditor claimed a default of Rs. 18,56,78,817/- based on unpaid invoices for mining and crushing services.

The Corporate Debtor argued that pre-existing disputes existed and that the debt was settled through a credit note.

The Operational Creditor denied issuing the credit note and claimed it was forged.

The Corporate Debtor issued work completion certificates and signed a ledger acknowledging outstanding dues.

The NCLT found that the Corporate Debtor's defenses were illusory and that the credit note could not be relied upon.

M/S Sree UGCL Projects Ltd. (Operational Creditor) filed an application under Section 9 of the IBC to initiate CIRP against M/S Geosphere Industries Pvt. Ltd. (Corporate Debtor).

The Operational Creditor claimed a default of Rs. 18,56,78,817/- based on unpaid invoices for mining and crushing services.

The Corporate Debtor argued that pre-existing disputes existed and that the debt was settled through a credit note.

The Operational Creditor denied issuing the credit note and claimed it was forged.

The Corporate Debtor issued work completion certificates and signed a ledger acknowledging outstanding dues.

The NCLT found that the Corporate Debtor's defenses were illusory and that the credit note could not be relied upon.