NCLT Hyderabad dismissed an insolvency petition filed by GSB & Co LLP against SPY Agro Industries Ltd over a disputed operational debt of ₹31.29 crore.
The tribunal found substantial pre-existing disputes over the authenticity of cheques and the validity of claims stemming from 2015-2018 MOUs.
The petition was deemed an attempt to use IBC as a recovery tool, especially after a previous related case was also dismissed.
Key issues included inconsistent claims on cheque issuance, questions of limitation, and the pendency of NI Act proceedings.