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2017 (3) TMI 1616 - Tri - Insolvency and BankruptcyInsolvency Resolution Process - proceedings for recovery of the claim - existence of eligible debt - Held that:- Code itself is meant for the cases falling within the realm of Insolvency and Bankruptcy. It need not be mentioned any further in the sections that the purpose and object of the Code is to empower the creditors to initiate insolvency proceedings before company quietly slid into insolvency or bankruptcy keeping the creditors at bay, therefore no section could be taken out of context and read separately so as to interpret that any person, who has claim against any and every company, can invoke provisions under I & B Code. The duty is cast upon NCLT to apply these provisions in the context the statute warranting, and it is the bounden duty of NCLT to see the object of the Code is implemented. Thus though no dispute is in existence as mentioned under definition of Section 5(20) and Section 8 of I & B Code, we are of the view that the facts of the case do not warrant to invoke section 9 to declare moratorium and consequential directions. Company petition dismissed.
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