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2019 (8) TMI 1739 - 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:- It is a settled position of law that the provisions of Code cannot be invoked for recovery of outstanding amount but it can be invoked to initiate CIRP for justified reasons as per the Code. The Hon 'b Supreme Court in the case of MOBILOX INNOVATIONS PRIVATE LIMITED VERSUS KIRUSA SOFTWARE PRIVATE LIMITED [2017 (9) TMI 1270 - SUPREME COURT], has inter alia, held that IBC, 2016 is not intended to be substitute to a recovery forum - In another latest judgment rendered in TRANSMISSION CORPORATION OF ANDHRA PRADESH LIMITED VERSUS EQUIPMENT CONDUCTORS AND CABLES LIMITED [2018 (10) TMI 1337 - SUPREME COURT], it is, inter alia held that existence of undisputed debt is sine qua non of initiating CIRP. In the present case, the debt is "Operational Debt". It is vital to mention here that in either case of the Petitioner being categorized as a Home Buyer or an Investor it is clear that the amount disbursed by the Petitioner was against the consideration of the time value of money and did have a commercial effect of borrowing in the hands of the Corporate Debtor. The Petition filed under Section 9 of I&B Code, 2016 is incomplete - petition dismissed.
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