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2019 (3) TMI 1868 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - financial creditor - existence of debt of dispute or not - Time limitation - HELD THAT:- By order of the hon'ble High Court, the claim of the petitioner is to be decided by the outcome in a civil suit by a civil court under the CPC. The civil suit, filed under the order of the hon'ble High Court, was rejected as the claim is barred by limitation and the appeal against the order in civil suit is still pending. In light of the above facts, it is clear that the existence of debt is to be decided by the civil court and unless the outcome of the civil suit is reached, the claim of the petitioner is sub judice, and cannot be said to be due. For a petition under section 7 of the I and B Code as per the judgment of the hon'ble Supreme Court in the matter of Innoventive Industries Ltd. v. ICICI Bank [2017 (9) TMI 58 - SUPREME COURT] this Tribunal needs to be satisfied that the "debt", which may also include a disputed claim, is due. Debt may not be due if it is not payable in law. If this Tribunal is satisfied that the debt is not due, then it may reject the petition. This Tribunal is of the view that the claim of the petitioner is contingent upon the final decision of the civil suit and unless the same is decided the debt of the petitioner cannot be said to be in existence and due - there is no question of default in repayment of debt. Petition dismissed.
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