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2019 (7) TMI 339 - Tri - Insolvency and BankruptcyAdmissibility of petition - Initiation of Corporate Insolvency Resolution Process (CIRP) - Corporate Debtor committed a default of repayment - HELD THAT:- It is a settled position of law that the provisions of Code cannot be invoked for recovery of outstanding amount but it can be invoked to initiate CIRP for justified reasons as per the Code. The Hon’ble Supreme Court in the case of Mobilox Innovations (P.) Ltd. v. Kirusa Software (P.) Ltd. [2017 (9) TMI 1270 - SUPREME COURT] has inter alia, held that IBC, 2016 is not intended to be substitute to a recovery forum. The Instant Company Petition is filed that intention to recover the alleged dues, on the alleged e-mail dated 20.05.2016, and sent by the Respondent. However, the alleged amount itself is in dispute even prior to the issue of Demand Notice dated 25th September, 2017 under the Code - the amount in question is in dispute even prior to the issue of demand notice and, it is filed for with sole intension to recover it. Therefore, it is not fit case to admit to initiate CIRP etc. and thus it is liable to be dismissed. Appeal dismissed.
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