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2019 (9) TMI 1410 - AT - 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 Appellant – ‘Operational Creditor’ issued Legal Notice u/s 271 of Companies Act, 2013 within the period of limitation on 20th May, 2015 to the ‘Corporate Debtor’ to pay outstanding amount of ₹ 58,28,478/- along with 18% interest with clear understanding that if payment is not made winding up proceedings will be filed against ‘Corporate Debtor’. The ‘Corporate Debtor’ replied to the Legal Notice on 26th August, 2015 denying the liability wherein after the Demand Notice u/s 8(1) issued by ‘Operational Creditor’ on 25th October, 2017 - the claim of the Respondent – ‘Financial Creditor’ was not barred by limitation. The claim even if disputed, if default is more than ₹ 1 lakh, the Appellant will initiate the proceedings against the ‘Corporate Debtor’. Submission is made on behalf of the Appellant that the amount disputed by the ‘Corporate Debtor’ amounts to existence of dispute but such submission cannot be accepted - It does not come within the meaning of existence of dispute. Dispute raised regarding quantum of amount in the absence of any suit or arbitration or other evidence, it cannot be said to be pre-existing dispute. Appeal dismissed - decided against appellant.
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