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2020 (1) TMI 1273 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- The Petitioner not only failed to make out that the alleged outstanding amount is free from dispute and the instant application is filed with an intention to recover the alleged outstanding amount. It is settled position of law that the provisions of Code cannot be invoked for recovery of outstanding alleged amount. The Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited Vs. 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 instant case is not a fit case to admit and it is liable to be dismissed - Petition dismissed.
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