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2017 (12) TMI 397 - Tri - Insolvency and BankruptcyCorporate insolvency process - existence of dispute - Held that:- There does not exist any dispute between the parties under the meaning and definition of section 5(3) of the IB Code, 2016 as the aforesaid civil suit is nowhere connected to instant petition. The instant petition pertains to insolvency proceedings whereas the civil suit filed before High Court belongs to recovery of money. Moreover, this Adjudicating Authority is of the opinion that there would have been a different situation, had the respondent initiate a case related to breach of warranty or defective goods against the petitioner. However, the respondent neither raised any demand of express warranty prior to the said reply notice nor sought for replacement of goods supplied to the respondent. In this case, the petitioner has filed a civil suit against the respondent and that too, after filing a winding up petition before the High Court. Otherwise also, the petitioner must have been aware of the well-established procedure of the winding up/insolvency process and would not have filed the civil suit before the Hon’ble High Court to self-incriminate. Further, the learned senior counsel for the petitioner has stated that the Said civil suit has been filed just to save the limitation period for recovering monies from the respondent. This also reflects the bonafide on part of the petitioner. Thus, this Adjudicating authority is satisfied that the petitioner has made out his case by establishing that this Corporate Debtor has defaulted the payment dues on various occasions to this petitioner/OC and there is no dispute between the parties. In the circumstances, am inclined to admit the instant petition. The instant petition is admitted and order the commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day of this order is passed.
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