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2019 (2) TMI 1500 - Tri - Insolvency and BankruptcyCorporate insolvency process - outstanding operational debt - Existence of dispute - HELD THAT:- Parties while entering into an agreement and even at the stage of drafting an agreement are required to pay specific attention to details particularly where the commission is payable based just on one product as it is specifically stated in Clause 3(b) of the agreement that commission shall be computed on the net sales amount as invoiced by the company to the customer. The definition clause of the agreement dated 26.12.2017 clearly points out in Clause 1(a) of the said agreement that “products “initially means PLP Duct Pipe of 40mm X 33 mm. The contention of the Operational Creditor that ‘PLP Duct Pipe’ should be construed as ‘PLB HDPE Duct’ which is sought to be denied by the Corporate Debtor obviously shows that there exists a dispute as between the parties. It is not for this Tribunal as held in Mobilox Innovations Private Limited case [2017 (9) TMI 1270 - SUPREME COURT OF INDIA] to consider whether the dispute is a bona fide dispute as applied to in the case of Companies Act, 1956 and it is enough for the Corporate Debtor to establish that there is plausible dispute in existence as between the parties. As rightly pointed out by learned counsel for the Corporate Debtor, it is required for the applicant/Operational Creditor to specify as to the date from which the debt fell due in Part-IV of the application which is not disclosed. In view of the existence of dispute, Form-5 and part IV contained therein prescribed as the format of application to be completed and filed giving all the particulars being devoid of the same, as well as the above referred to decision of Hon’ble NCLAT, this Tribunal is of the view that the petition is to be dismissed, however, without cost.
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