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2018 (10) TMI 1765 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate debtor defaulted in making repayment - existence of debt and default or not - HELD THAT:- There are several clauses in the agreement in question, and the respondent, on the contrary made claim against the petitioner. Ultimately, the parties in the first instance have to reconcile their own statement of accounts before approaching the Tribunal to invoke provisions of IBC, 2016. The Petitioner, instead of finalising the disputed amounts, has filed the instant Company Petition on untenable grounds. The question of excess payment, and set-off as claimed by the respondent has to be examined in an appropriate proceeding in a case filed in accordance with the law, and the issue cannot be adjudicated in the instant Company Petition. There is a dispute with regard to debt in question, and thus it is not a fit case to admit - Application rejected.
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