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2017 (3) TMI 1701 - Tri - Companies LawCorporate insolvency process - invoking the provisions of Section-9 Insolvency and Bankruptcy Code 2016 - Proof of dispute - Held that:- Under Section 8 (i) of the Code adequate room has been provided for the 'NCLT' to ascertain the existence of a dispute. A demand notice by an 'operational creditor' to an 'operational debtor' must be sent who has not paid operational dues and has committed default. Section 8 (2) further clarifies that the corporate debtor is obliged to bring to the notice of the 'operational creditor', within 10 days of the receipt of notice, the existence of a dispute and show the record of the pendency of the suit or arbitration proceeding filed before the receipt of such notice or invoice in relation to such dispute. The other option is to pay the demanded amount. In the instant case, the applicant sent a demand notice which was duly received by the respondent. A reply has also been duly filed where serious dispute has been raised. As such, on a perusal of documents submitted before us by the applicant, we are unable to fathom any material on record to dislodge the stand of the respondent as already discussed in the preceding paras. Hence, we are inclined to reject the above Petitions. The remedy of the applicant above named lies elsewhere and not under the provisions of the IBC.
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