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2019 (10) TMI 1339 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor has committed default of the Principal amount alongwith the interest - Existence of debt and default or not - HELD THAT:- The instant Company Petition is filed in order to recover the alleged outstanding amount rather to justify to initiate CIRP in respect of the Corporate Debtor. Moreover, the Respondent has also agreed to pay the agreed amount in three instalments and also paid part payment. 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 Vs. Kirusa Software Private Limited [2017 (9) TMI 1270 - SUPREME COURT], has inter alia, held that IBC, 2016 is not intended to be opinion that the Petitioner failed to justify that the instant petition is filed to initiate CIRP in respect of the Corporate Debtor, which is the main object of the Code and thus it is liable to be dismissed. Petition dismissed.
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