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2019 (7) TMI 1578 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existsence of debt and dispute or not - HELD THAT:- A plausible dispute had been raised in respect of the outstanding amount claimed. There is no letter of engagement agreeing to pay service charge @ 1% + GST. No copy of the application form submitted on behalf of the Corporate Debtor, or document annexed supporting that the Corporate Debtor was relying on the Operational Creditor for procuring the loan for and on their behalf. The sanction of the loan would have involved various documents to be submitted by the Corporate Debtor. None is on record to substantiate that the Operational Creditor was actually engaged for their services. Further the terms of the Bank sanctioning the limit did not meet or suit the requirements of the Corporate Debtor, nor were these availed by them. In the absence of clear-cut liability which remains unliquidated despite demands, resolution of an ongoing company in operation cannot be initiated on mere averments - petition dismissed.
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