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2020 (2) TMI 1587 - 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:- On going through the pleadings it is clearly established that there is a debt and default on the part of the Corporate Debtor. The disputes raised by the Corporate Debtor are not real disputes and in fact spurious and they doesn’t fall under the ambit of Section 5(6) of the Code. It is beneficial to refer the judgement of the Hon’ble Supreme Court in the case of Mobilox Innovations Pvt. Ltd. v/s. Kirusa Software (P) Limited [2017 (9) TMI 1270 - SUPREME COURT] where it was held that So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application. This Bench having been satisfied with the petition filed by the Petitioner which is in compliance of provisions of Section 8 & 9 of the Insolvency & Bankruptcy Code admits this petition declaring Moratorium with the directions imposed - application allowed.
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