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2018 (10) TMI 1753 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor defaulted in making repayment - existence of dispute or not - section 7 of the Insolvency and Bankruptcy Code, 2016 r/w rule 4 of Insolvency & Bankruptcy (Application to "Adjudicating Authority") Rules, 2016 - HELD THAT:- The Tribunal observes that there are disputes between the petitioners and the Respondent and there are proceedings against them in various forums in matters relating to the present petition - the Tribunal observes that, in the statements of accounts, the M/S. Colorhomes, the sole proprietorship concern and M/S. Colorhome Developers Pvt Ltd, the Respondent herein is used interchangeably. There is no segregation of the amounts paid by both the undertakings from which the liability can be drawn clearly. The Tribunal observes that the petition is liable to be dismissed under Section 5(6) and Section 5(6)(a) of the IBC, 2016 as there is a civil suit pending and there exists a dispute in the amount of debt between both the parties and also under section 7(5)(b) of the IBC, 2016 for being incomplete in details. Petition dismissed.
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