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2017 (8) TMI 1524 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - existence of admitted debt - Whether the Petitioner complied with requisite provisions of Sec 9 of IBC 2016 to maintain the petition? - HELD THAT:- The record do not show that there is any dispute of debt before issuing demand notice to pay the debt 'in question. All the contentions with regard to dispute/counter claim /arbitration are after thought that too after receiving the demand notice issued by the petitioner. Therefore, the facts prima facie show that there is an admitted debt and the respondent is unable to pay debt in question. The Respondent, though given sufficient time by this Tribunal to come out with any solution to resolve outstanding dues, have not come with any solution,more over they have raised un-tenable and baseless grounds. In fact, the respondent has admitted that they are unable to clear outstanding due to several difficulties. Though circumstances warrant that the Company is liable to be liquidated, an effort should be made through CIRP to find any possibility of any resolution. Hence, it is a fit case for admission. In the result the Company Petition is admitted by exercising the powers UIS 9(5)(i) IBC 2016
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