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2018 (8) TMI 1957 - NATIONAL COMPANY LAW TRIBUNAL — CHENNAI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - whether the present petition filed under the IBC is to be allowed or not? - HELD THAT:- It is an admitted fact that the petitioner had filed an application under the IBC which came to be withdrawn by the petitioner through their memo dated December 12, 2017 since a demand notice under section 8 of the IBC was issued under the signature of an advocate. Subsequently, on December 27, 2017 the petitioner filed another memo seeking withdrawal of the earlier memo dated December 11, 2017 - t is also a fact that in the meanwhile, the respondent has invoked an arbitration clause, as was made available in the agreement entered into between the parties, by its notice dated December 12, 2017 that is prior to the issuance of the fresh notice under section 8 of the IBC (i. e., December 14, 2017). This Tribunal duly recorded the above facts in its order dated January 12, 2018 and allowed the petitioner to withdraw C. P. No. 684/IB/CB/2017 with permission to file a fresh petition under the IBC. Since, evidently, there is a pending arbitration proceedings, without going into the other merits of the case, we conclude that the present CP under the IBC is not required, at present. The present petition is not maintainable under section 8(2)(a) of the IBC, 2016 - Petition dismissed.
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