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2018 (9) TMI 1866 - Tri - Insolvency and BankruptcyMaintainability of petition - Initiation of Corporate Insolvency Resolution Process - Corporate Debtor - Operational debt - supply of cotton bales made by the Petitioner to the Respondent/Corporate Debtor - existence of dispute or not - whether the debt is due and payable and has not yet been paid? - disputes between the Petitioner and the Respondent have been referred to mediation to M/s. Apex Cotton Agency (I) Pvt. Ltd. which is one of the dispute mechanism resolutions between the buyers and sellers arising out of dealings, contracts and transactions in respect of disputes relating to quantity and quality or the physical delivery for transactions in the cotton trading. HELD THAT:- As already said the very fact that the Respondent issued the LC for ₹ 39,15,148/- which is far excess the claim of the M/s. SAMKIT BIO FARMS LIMITED goes to show that there was a resolution and there was an understanding - it can be said the Operational Debt due to the Petitioner and the other 2 Companies i.e., M/s. R.S. COTTMARK (INDIA) PVT. LTD. and M/s. SAMKIT BIO FARMS LIMITED has been repaid by way of encashment of LC for ₹ 39,15,148/- by M/s. SAMKIT BIO FARMS LIMITED. Even if it is held that there is no repayment of Operational Debt due to the Petitioner and M/s. R.S. COTTMARK (INDIA) PVT. LTD. inspite of the fact that LC has been encashed by M/s. SAMKIT BIO FARMS LIMITED still the material on record goes to show that there exist a dispute between the Petitioner and the Respondent in respect of the Operational Debt claimed by the Petitioner. This Tribunal is of the view that there exists a dispute and because of the resolution of the said dispute only, Respondent/Corporate Debtor issued LC for ₹ 39,15,148/- in favour of M/s. SAMKIT BIO FARMS LIMITED with an understanding that after encashment of LC, M/s. SAMKIT BIO FARMS LIMITED would pay amounts to the Petitioner and M/s. R.S. COTTMARK (INDIA) PVT. LTD. - the contention of the Respondent require further investigation and enquiry. It requires oral evidence even from the Company that acted as mediator in the resolution process. Petition dismissed.
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