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2019 (5) TMI 1881 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - applicant was reluctant towards amicable settlement - existence of debt and dispute or not - HELD THAT:- The applicant company has supplied goods suo-moto to the corporate debtor and without any purchase order, but, the same were never ever returned by the corporate debtor. That, though the corporate debtor disputed that the goods supplied by the applicant company were not as per terms and were of inferior quality, such dispute was never raised by the corporate debtor prior to issuance of demand notice. That, there are/were no communication or evidence on record to establish goods supplied by the corporate debtor were of inferior quality. It is evident that the corporate debtor has agreed to clear the principal outstanding amount and has tried to settle the issue amicably but the applicant was reluctant. That, it will be open to the applicant to move before a court of competent jurisdiction for realisation/recovery of their dues instead of initiating resolution process which will have adverse effect on a going concern - That, keeping in mind the basic objective of the IB Code as also considering the fact that the respondent company is a going company and initiation of insolvency process will adversely affect livelihood of number of employees and their family, in the interest of natural justice, the Adjudicating Authority cannot admit the application preferred by the appellant company. Application dismissed.
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