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2018 (11) TMI 1665 - Tri - Insolvency and BankruptcyMaintainability of petition - Initiation of Corporate Insolvency Resolution Process - Corporate Debtor - pre-existing dispute - HELD THAT:- It appears from the record that the Corporate Debtor having defaulted in making payment to the operational creditor. There being no dispute in respect of the quality of goods or service, the dispute which has been raised after receiving the demand notice is not covered under the meaning of existence of dispute under the Insolvency and Bankruptcy Code, 2016. Thus arguing that dispute is pre-existence in respect to the services provided by the Operational Creditor is not sustainable. This Bench has view that under I & B Code, it need not be seen whether the company is unable to make payment or that the relief sought has bonafide or not. The only criterion to be looked into is as to whether debt and default are in existence as on the date of filing case. Under Section 9 of the Code, if corporate debtor brings it to the notice of operational creditor that debt is in dispute, then such claim cannot lie under section 9 of the Code. This Company Petition is complete in all respects as mentioned u/s 8 and 9 of the Insolvency & Bankruptcy Code, Corporate Debtor defaulted in making payment - petition admitted.
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