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2018 (1) TMI 1190 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - whether the Company petition is maintainable and it is eligible to be admitted or rejected as per section 9(5)(i) or 9(5)(ii) r/w Section 5(6) of IBC, 2016? - Held that:- Now, it is settled position of law that the Hon’ble Supreme Court especially, in Mobilox Innovations (P.) Ltd. [2017 (9) TMI 1270 - SUPREME COURT OF INDIA] has made clear the scope of dispute, default etc., as mentioned in IBC, 2016 so as to invoke jurisdiction of this Tribunal/Adjudicating Authority. The contention of the learned senior Counsel for the Operational Creditor that paying ₹ 2 Cr. amounting to settlement of the issue in question, is not at all tenable in view of reply given by the Corporate Debtor to Demand notice given by the Operational Creditor and appointment of third Arbitrator as stated supra. We have no doubt in our mind that there is a valid and legal dispute raised by the Corporate Debtor, and thus the case is liable to be rejected. In the light of above discussion of the case and law, by exercising the powers on the Adjudicating Authority, under section 9(5)(ii)(d) r/w Section 5(6) of IBC, 2016, we hereby rejected the Company Petition
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