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2019 (11) TMI 1533 - 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:- It is to be pointed that the initial Customer Agreement Form, filed as Annexure C (page 21 to 24 with Petition) which is basic document for the instant cause of action, is not properly executed. And particulars of the parties are not mentioned therein except the Authorised Signatory for M/s.Micronova Network Solutions Private Limited. All the material columns are left blank. Therefore, it is very difficult to accept the legal validity of this Agreement under summary proceedings contemplated under the provisions of the Code and veracity of this document can be examined in a Civil Proceedings by adducing appropriate evidence. The Respondent also admittedly paid part payment for the service rendered by the Petitioner and they have also raised several times with regard to the deficiency of the service made by the Petitioner. 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 objective of 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 substitute to a recovery forum. The Petitioner failed to prove its case so as to initiate CIRP in respect of the Corporate Debtor. Therefore, the Petition is liable to be dismissed by granting liberty to the parties to settle the issue and also granted liberty to the Petitioner to approach appropriate Civil Court for the remedy, in accordance with law. Petition dismissed.
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