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2018 (3) TMI 1812 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Suspension of trading on the Applicant Exchange’s platform - existence of debt or not - claim related to sister concern - HELD THAT:- It is distinct and noticeable from the pleadings and evidences from both the sides that the claim is not pertaining to the Corporate Debtor but it is related to a sister concern of the Corporate Debtor viz. P.D. Agro Processors Ltd. Though the whole business conducted by the sister concern is in favour of the Corporate Debtor, as contended by the Applicant, there is no authenticating documentary evidence to prove that the Corporate Debtor is legally liable for the payment of outstanding dues arising out of the business transactions made between P.D. Agro and the Applicant herein. It is necessary for a claimant to place on record that there was existence of debt due to the said Operational Creditor to be claimed against the Corporate Debtor. There should be a direct nexus between Operational Creditor and the Corporate Debtor. It is to be established by the Operational Creditor through records available or other relevant documents such as contract agreement, service agreement with Corporate Debtor or any invoice or any Court of Order or Financial Accounts. Even Form-B prescribe for lodgement of claim requires details of mutual credit or mutual debts or mutual dealings between the Corporate Debtor and the creditor. A third party is not entitled to lodge its claim even indirectly through a sister concern. Application dismissed.
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