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2021 (2) TMI 1199 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational creditors - pre-existing dispute or not - time limitation - HELD THAT - As admitted by the Petitioner as mentioned supra the Corporate Debtor paid Rs. 6, 60, 000/- as an advance. And as against two invoices dated 09.12.2016 for an aggregate amount of Rs. 37, 86, 750/- the Respondent paid part-payment of Rs. 18, 06, 773/- and another part-payment of Rs. 5 Lakh in June 2017 with an assurance to clear the remaining balance amount shortly but failed to do so. Therefore the Petitioner after waiting for a long time has issued demand Notice only on 13.11.2019 under provisions of Code to the Respondent. The instant Petition is admittedly filed with an intention to recover the alleged balance amount which is against the object of Code and the settled position of law on the issue. Since the Respondent has paid part-payments with an assurance to clear the balance in short time the Petition can be disposed of by directing the Respondent to settle the claim within prescribed time. The Respondent is directed to settle the claim of Petitioner as promised within a period of three months from the date of receipt of copy of this order failing which the Petitioner is entitled to take appropriate legal course of action in accordance with law - Petition disposed off.
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