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2018 (1) TMI 1249 - Tri - Insolvency and BankruptcyCorporate insolvency process - existence of debt - Held that:- The onus is on the Operational Creditor under IBC, 2016 to establish that the debt is owed in absolute terms and that it should not or cannot be assailed by the Corporate Debtor in any manner other than being it illusory or moonshine. If it is otherwise than it gives rise to a plausible contention to be put up by the Corporate Debtor and the same cannot be considered as moonshine or illusory. Thus taking into consideration all the above and as the notice of demand dated 26.04.2017 not being supported by proper authorization, as well as the application under Section 9 of IBC, 2016 as filed on behalf of the Operational Creditor not having been filed by persons who are authorized to file as per Board Resolution dated 07.02.2017 and further in view of existence of a plausible dispute between the parties and cannot be decided in a summary manner, this application stands dismissed.
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