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2019 (5) TMI 1854 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - unpaid amount in settlement agreement - operational debt or not - second instalment not paid in settlement agreement - outstanding due to trigger CIRP or not - existence of debt and dispute or not - HELD THAT:- The case on hand is that the applicant relied on same demand notice dated April 6, 2018 which he has already withdrawn as per above mentioned clause of the settlement and now there is no demand notice, which is mandated as per the IBC, 2016 to trigger CIRP against the corporate debtor. Further, the unpaid instalment as per the settlement agreement cannot be treated as operational debt as per section 5(21) of the IB Code. The failure or breach of settlement agreement cannot be a ground to trigger CIRP against the corporate debtor under the provision of the IBC, 2016 and remedy may lie elsewhere not necessarily before the Adjudicating Authority. This application under section 9 of the IBC is liable to be rejected - Application dismissed.
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