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2019 (8) TMI 1792 - 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 operational creditor is not entitled to raise any invoices for the period beyond os.oa.2o1s as the corporate debtor had already issued termination notice in advance i.e. on 22.02.20ts in accordance with the terms and conditions stipulated in the work order dated 17.03.2017. Further, during the course of argument, it has been brought to the notice of this bench that Invoice No. 133 dated 05.02.2018 annexed with the objections of the respondent said to be issued by the operational creditor, marked as Annexure R-3, placed at page No. 26 shows total amount after tax as ₹ 6,37,654.00, whereas, invoice of even number (i.e. invoice No. 133) placed at page No. 16 as Exhibit “D" of application reflects total amount after tax as ₹ 5,90,000.00. Further, description of the invoice No. 133 dated 05.02.2018 annexed by the applicant and the invoice No. 133 sent to Corporate Debtor are not the same. On perusal of the records it is found that operational creditor has wilfully or knowingly concealed the fact that the corporate debtor had already notified operational creditor about the termination of work way back on 22.02.2018, whereas, the demand notice was issued on 02.07.2018. It is found that the documents attached to the application are misleading. Mere allegation of non-payment of alleged disputed debt is no proof of insolvency. Since the very objective of the Code is re- organisation and insolvency resolution of corporate persons, no objective will be served by subjecting a solvent company to insolvency resolution process. Further, recovery is an individual effort by a creditor to recover its dues through a process that has debtor and creditor on opposite sides. When creditors recover their dues - one after another or simultaneously from the available assets of the firm, nothing may be left in due course. Thus, while recovery bleeds the corporate debtor to death, resolution endeavours to keep the corporate debtor alive - Further, IB Code provides that while admitting an application for initiation of corporate insolvency resolution process, in addition to fulfilling other requirements, it must be supported by documentary proof of undisputed debt. The Adjudicating Authority is of the considered view that the instant petition is not maintainable - Petition dismissed.
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