Supreme Court reverses NCLAT order admitting Chemical Suppliers' Section 9 IBC application against GLS Films.
Court finds pre-existing dispute evidenced by December 2020 complaint about defective supplies worth ₹1.66 crore.
NCLT correctly dismissed application as dispute required detailed investigation beyond summary jurisdiction.
Final ruling sets aside insolvency process, restoring NCLT's December 2022 dismissal order.