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2019 (6) TMI 1550 - 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:- There is no default as on date, as the Respondent has discharged its liabilities by paying the Applicant in various instalments as stated supra. It is a settled position of law that the provisions of Code can be invoked only in the case of existence of a 'default' and non-payment of such default by the Corporate Debtor. Moreover, the Corporate Debtor has also replied denying the liability, by inter alia, contending that they have discharged their liabilities and there is no such debt due. Therefore, it is'not a fit case to admit the case, and thus it is liable to be rejected. Application dismissed.
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