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2019 (7) TMI 1872 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - whether there is a pre existence of dispute as between the parties even before issue of the Section 8 demand notice by the Petitioner, because the existence of such a dispute will make the present application non maintainable taking into consideration the scheme of the code and well laid down judicial precedents since coming into force of IBC, 2016? - HELD THAT:- Taking into consideration the agreement as entered into between the parties as well as indemnity bonds furnished thereunder by the Petitioner to the respondent in relation to its performance as well as the correspondences exchanged between the parties, particularly the one dated 10.12.2012 sent by the respondent to the Petitioner making the petitioner solely responsible for the losses occasioned on account of storage and handling being the services expected to be performed by the Petitioner under the agreements with the corporate debtor and the due performance of which there seems to be a pre existing dispute falling within the confines of Section 5(6) of IBC, 2016. Taking into consideration the decision of Mobilox Innovations Private Limited Vs Kirusa Software Private Limited. [2017 (9) TMI 1270 - SUPREME COURT]. Thus, the respondent having established a plausible contention and which contention cannot be considered as a mere sham or illusory this petition cannot be entertained under the provisions of IBC, 2016. The petition is not maintainable and hence stands dismissed.
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