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2018 (10) TMI 1903 - NATIONAL COMPANY LAW TRIBUNAL BENGALURU BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditor - debt due and payable or not - existence of debt and dispute or not - HELD THAT:- As per details furnished by the respondent, the respondent company is commercially solvent and going concern having 687 employees on its rolls, having current assets for more than ₹ 642 Crores, Reserves and surplus also for more than ₹ 643 crores, and earned total income for ₹ 43,684 lakhs for the year ended March, 31, 2018. Therefore, it is not the case of petitioner that the Respondent is commercially insolvent to pay its alleged dues. It is the case where the instant company petition do not lie under the provisions of Code. The Hon’ble Supreme Court of India, in a recent case, in Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, [2017 (9) TMI 1270 - SUPREME COURT] has categorically laid down that IBC is not intended to be substitute to a recovery forum. It is also laid down whenever there is existence of real dispute, the IBC provisions cannot be invoked. The instant case is not a fit case to initiate CIRP as prayed for and thus it is liable to be rejected - Petition dismissed.
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