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2020 (2) TMI 1496 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - operational creditor had accepted a reduced amount by way of a settlement agreement - whether the corporate debtor was legally and morally duty bound to make the payment strictly as per the said settlement agreement? - HELD THAT:- The application of the operational creditor lacks merit and deserve to be dismissed because this is not a forum where the parties can seek implementation of settlement agreements and that too after accepting a major portion of the amount due. If it is allowed it also would amount to unlawful enrichment by the applicant by recovering double the amount legally entitled to be recovered by the applicant. Also, the corporate debtor is continuing payment of instalments by way of electronic transfer because the applicant had stopped receiving instalments alleging default. It is a deliberate unfair attempt on the side of the applicant to invent cause of action to file an application of this nature. If the operational creditor has anything outstanding or if the amount of interest is also been claimed, it should resort to other legal remedies available to it but in no case the present application under section 9 is permissible to be filed or allowed. Application dismissed.
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