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2019 (7) TMI 1627 - 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 - time limitation - HELD THAT:- The requisite conditions to initiate in an application/petition filed u/s 9 of the Code are debt and default and no dispute. In the instant case, the alleged outstanding amount itself is not established, as it consists of alleged principal and interest for invoices issued in the year 2012. Therefore, the amount itself is disputed. The Petitioner failed to substantiate the debt which are based on the invoices relates to the year 2012. Moreover, the Petitioner failed to take any legal action on the alleged outstanding amount till filing of the present case. It is also settled position of law that the provisions of the Code cannot be invoked to recover the alleged outstanding amount and the Adjudicating Authority cannot enter into roving enquiry in summary proceedings initiated under the Code and the law of limitation applies for the provisions of Code - We are not convinced with the reasons cited by the Petitioner that the case is within limitation. It is a settled position of law that the provisions of Code cannot be invoked for recovery of outstanding amount but it can be invoked to initiate CIRP for justified, reasons as per the Code - The Hon'ble Supreme Court in the case of MOBILOX INNOVATIONS PRIVATE LIMITED VERSUS KIRUSA SOFTWARE PRIVATE LIMITED [2017 (9) TMI 1270 - SUPREME COURT], has inter alia, held that IBC, 2016 is not intended to be substitute to a recovery forum. The alleged debt is also not established as contended by the Petitioner and it is also barred by laches and limitation. Therefore, it is liable to be dismissed.
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