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2020 (6) TMI 768 - 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 - is Tribunal a Recovery Forum? - HELD THAT:- It is imperative to bear in mind that an application under section 9 of the Code, 2016 cannot be filed to recover the debt amounts. The code has been enacted to bail out Companies that have become insolvent through the insolvency resolution process. In the present case, it is seen from a perusal of the Bank Statement annexed by the Respondent that the Petitioner had been receiving the dues from supply of goods, and has a running account with the Corporate Debtor, and default has occurred against some invoices. The Respondent has not accepted the debt and the amounts claimed but accepts that after reconciliation, if any amount is payable, it will pay the same. The Petitioner has therefore come before this Tribunal for the recovery of its unpaid invoices, which also are disputed by the Respondent. This Tribunal cannot be used for recovery of debt. Further no case has been made out that the Respondent has become insolvent and has lost its substratum such that it is unable to be pay its debts or run its business. Application disposed off.
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