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2017 (11) TMI 1268 - Tri - Insolvency and BankruptcyCorporate insolvency procedures - existence of dispute - Held that:- It is mandatory requirement for the petitioner as per clause (b) of sub-section (3) of Section 9 of the Code that the Operational Creditor has to furnish along with the application an affidavit to the effect that there is no notice given by the corporate debtor relating to the dispute of unpaid operational debt. The affidavit filed by the petitioner company as at Annexure-9 states about issuing notice under sections 433 and 434 of the Companies Act, 1956 and reply thereto sent by the respondent but it is alleged that the respondent approached the petitioner to settle the issue. It is stated in para-5 of the affidavit dated 14.07.2017 that operational creditor reaffirms that there is no dispute, but the requirement of the affidavit is to state that there is no notice given by the corporate debtor relating to a dispute of unpaid operational debt. So such an affidavit would not fulfil the requirement of the aforesaid mandatory requirement. The present cannot be said to be a case where there is no dispute, which was even raised in reply to the notice under Section 434 of the Companies Act, 1956. The remedy to the petitioner may lie elsewhere and not by invoking insolvency resolution process under the Code.
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