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2018 (11) TMI 1778 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- The Corporate Debtor has placed on record sufficient material to establish that there was existence of communication informing rejection of defective chemical due to which payment in respect of that very invoice was stopped. The Debtor company had also demonstrated that the chemicals supplied through several other invoices being satisfactory, payments were made. Naturally a question arises that if substantial payment had already been cleared by the Debtor company then why the impugned small amount remained outstanding. The answer is obvious that there was dissatisfaction due to which the Debtor had informed the Petitioner to remove the defective chemicals. The case laws cited, although by the Petitioner, supports this view considering the evidence on record in this case. Considering all the facts and circumstances narrated above, this Company Petition is liable to be dismissed as dispute was in existence. Petition dismissed.
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