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2018 (12) TMI 1372 - Tri - Companies LawPetition under Insolvency and Bankruptcy Code - existence of a dispute before the petition was filed - corporate debtor filed an application under section 17 of the SARFAESI Act before the Debts Recovery Tribunal, Madurai, challenging the sale notice issued by the financial creditor - Held that:- The Tribunal observes that the amount claimed by the financial creditor herein is ₹ 68,65,428.53 whereas the corporate debtor in their counter has disputed the amount claimed stating that the corporate debtor through other entities has repaid a sum to the tune of ₹ 2.16 crores. Further, there are civil suits pending for adjudication and other transactions between the financial creditor, corporate debtor and TVKL Properties P. Ltd., with respect to the possession of the property of the corporate debtor. In view of the above, the Tribunal observes that the petition is liable to be dismissed under sections 5(6) and (6)(a) of the IBC, 2016 as there is a civil suit pending and there exists a dispute in the amount of debt between both the parties. The Tribunal is of the opinion that there is in existence a dispute before the petition was filed in this Tribunal and hence under the provisions of the IBC, 2016 the petition stands dismissed.
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