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2018 (8) TMI 588 - Tri - Insolvency and BankruptcyInitiating Corporate Insolvency Resolution Process - pre-existing dispute - Held that:- There is nothing on record which proves that there was pre-existing dispute relating to the alleged debt amount. Given above said facts and principle laid down in above cited case the contention of the respondent that there was a pre-existing dispute regarding goods/services given by the Operational Creditor to the Corporate Debtor is found devoid of merit. The Operational Creditor had not received the outstanding dues from the Corporate Debtor, and the requirements as prescribed under I &B Code have been completed by the Petitioner. The operational creditor has not proposed the name of any insolvency professional, but under section 9 of the insolvency in the Bankruptcy Code, it is not mandatory to propose the name of insolvency professional. The application is in form 5 duly filled all five parts of the form (under rule 6(1) of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016) and accompanied with the fee prescribed under the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. On the basis, we find the Application is complete and deserves ‘Admission.’ Hence Admitted.
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