NCLAT Upholds Rejection of DCPL Insolvency Petition

NCLAT dismissed Durgapur Corporation's appeal against NCLT order rejecting its Section 9 insolvency petition against Aryan Ispat.
Tribunal found pre-existing dispute existed as Aryan Ispat had filed its own Section 9 petition earlier for Rs 5.66 crore.
Operation & Management Agreement was determined to be profit-sharing, not creating operational debt under IBC Section 5(21).
Termination Agreement dated 25.11.2022 showed Rs 11.32 crore payable by DCPL to Aryan Ispat, negating DCPL's claim.