Maverick Developers and Colonisers Pvt. Ltd. & Anr. ...Respondents Present: For Appellant : Ms. Malvika Trivedi Sr. advocate with Mr. Sanyam Khetarpal, Mr. Sameer Abhyankar, Mr. Nitesh Goyal and Mr. Dhruv Suri, Advocates For Respondents : Mr. Saumitra Chaturvedi, Advocate. Mr. Kamil Lokhandwala, Advocate for IRP. JUDGMENT ASHOK BHUSHAN, J. This Appeal by a Suspended Director of the Corporate Debtor ("CD") M/s OFB Tech Private Limited has been filed challenging the order dated 31.07.2025 by which order Section 9 Application filed by Respondent No.1 (Operational Creditor) has been admitted. 2. Brief facts of the case giving rise to this Appeal are: (i) The CD OFB Tech Pvt. Ltd. is engaged in the business of trading and supply of raw materials to small and medium enterprises and other corporates. The Operational Creditor ("OC") has been executing the construction work. Company Appeal (AT) (Ins.) No.1145 of 2025 1 (ii) The Operational Creditor approached the CD for purchase of round HDPE Pipes of different dimensions of make Giga. The CD had entered into Memorandum of Understanding ("MoU") dated 21.09.2020 with M/s Giga Pipe Systems India LLP ("M/s Giga Pipe Systems") by which it sanctioned purchase and finance facilities to the M/s Giga Pipe Systems. (iii) In October 2020, the Operational Creditor issued purchase order on the CD for supply of pipes. The CD supplied the giga pipes to the OC sourced from M/s Giga Pipe Systems. The payments were made by the Operational Creditor to the CD towards the supply of the pipes. The last payment was made by the Operational Creditor to the CD on 24.08.2021. (iv) The Operational Creditor sent an email dated 27.10.2023 seeking confirmation of Statement of Account for Income Tax purposes from the CD. In response to the above email, the CD replied on the same day and shared ledger of Statement of account. The Operational Creditor disputed the two ledger entries vide email dated 30.10.2023, i.e. dated 31.03.2021 and 31.08.2021 with respect to M/s. Giga Pipe Systems. No demand or refund of any payment was made by the Operational Creditor to the CD. (v) The dispute between CD, M/s Giga Pipe and KK Spun, the sister concern of M/s Giga Pipe arose and notice of dispute Company Appeal (AT) (Ins.) No.1145 of 2025 2 dated 18.11.2023 was raised by M/s Giga Pipe Systems. The CD replied to the notice of dispute dated 20.11.2023. (vi) The Operational Creditor issued a Demand Notice dated 11.07.2024 demanding an operational debt of Rs.3,05,95,276 alleging it to be excess payment made by the Operational Creditor to the CD. The Demand Notice was replied by the CD vide reply to Demand Notice dated 20.07.2024, denying the liability to pay any debt. The CD in reply to the said submitted that no debt is due and there is preexisting dispute between the parties. The Operational Creditor issued a rejoinder to the reply of the CD dated 06.08.2024. (vii) The Operational Creditor sent information of debt to the National EGovernance Services Ltd. ("NeSL") on 21.10.2024 as per IBBI (Information Utilities) Regulations, 2017. The NeSL forwarded the information to the CD for authentication. The CD disputed the debt. The NeSL in its record of default mentioned the status of authentication of default as disputed. (viii) Section 9 application was filed by the Operational Creditor on 12.11.2024, claiming an amount of Rs.3,05,95,276/ as principal amoun