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2018 (7) TMI 2197 - 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 - HELD THAT:- The provisions of the Insolvency Code are absolutely clear that if there is an ‘existence of a dispute’ among the rival parties in respect of the Debt in question, then such Petition is not fit for "admission". In this case, because of the peculiar features that the Petitioner itself has moved a Litigation before the Hon’ble High Court of Bombay, revolving around the identical set of facts and the similar amount of Debt in question, the admission of this Petition is not permissible as laid down in the provisions of the Insolvency Code. As far as the question whether the impugned Debt falls within the definition of "Operational Debt" as prescribed under Section 5(21) of The Code, it is defined that a claim is to be in respect of the provision of goods or in respect of providing services including employment. Within this definition ‘Debt’ is further defined as an "Operational Debt" where a Debt is in respect of the repayment of the dues arising under any Law for the time being in force and payable to the Central Government, any State Government or any Local Authority. Whether the impugned amount was in respect of the "repayment of the dues" is a subject matter before the Hon’ble High Court, yet to be adjudicated upon. Thus, if there is an existence of dispute, a Petition does not deserve to be admitted. Keeping brevity in mind and since the law laid down in all these precedence is unambiguous, as also the facts of the case have demonstrated the existence of a "dispute" prior to filing of the Petition, hence leads to one conclusion that the Petition deserves dismissal. Petition dismissed.
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