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2019 (2) TMI 1697 - Tri - Insolvency and BankruptcyAdmissibility of petition - Initiation of Corporate Insolvency Resolution Process - Corporate Debtor - default in repayment of debt - Section 9 of Insolvency and Bankruptcy Code 2016 R/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- M/S Priya Trading Company is nothing but a firm belonging to the suppliers and in pursuance of Agreement only the Supplier supplied the raw material to the Corporate Debtor through M/S Priya Trading Company, the Operational Creditor herein. It is interesting to note Corporate Debtor till date had not initiated any action against the supplier / Operational Creditor for recovery of alleged loss. The alleged dispute has no merit at all. The alleged dispute cannot be recognised. The Corporate debtor has committed default in paying the amounts covered by the invoices. Having committed default, the Corporate debtor cannot blame the Operational Creditor. The Hon'ble Apex Court has held in MOBILOX INNOVATIONS PRIVATE LIMITED VERSUS KIRUSA SOFTWARE PRIVATE LIMITED [2017 (9) TMI 1270 - SUPREME COURT] that the dispute must truly exist in fact and is not spurious, hypothetical or illusionary. Absolutely there is no material filed by Corporate Debtor that there existed a dispute in fact between it and the Operational Creditor. This is a Petition filed by Operational Creditor under Setion 9 of IBC. The Operational Creditor filed bank account copy It has issued demand notice to the Corporate debtor and there was reply. Thus, Petition filed by Operational Creditor is complete and Petition is liable to the admitted. The Adjudicating Authority admits this Petition under Section 9 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code - petition admitted - moratorium declared.
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