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2019 (8) TMI 269 - Tri - Insolvency and BankruptcyAdmissibility of petition - initiation of Corporate Insolvency Resolution Process - Corporate Debtor - default in payment against various invoices for supply of goods related to the welding fabrication of industrial consumables - existence of dispute or not - HELD THAT:- The Corporate Debtor has not raised any dispute regarding the supply of goods neither has it stated that the debt had been repaid. The only contention of the Corporate Debtor is that the Operational Creditor is a related party of an ex-employee of the Corporate Debtor and that this fact was not disclosed to the management of the Corporate Debtor and the Operational Creditor has taken advantage by charging higher prices of the goods than the market value. It is pertinent to note that Mr. Shibu Nadar left the employment of the Corporate Debtor in November 2014. Since then, the Corporate Debtor has not raised any dispute until the first petition is filed under section 9 of I&B Code and withdrawn in the year 2017. This contention of the Corporate Debtor is a mere argument without any supporting evidence and cannot be taken as a pre-existing dispute for rejection of section 9 Petition. The application made by the Operational Creditor is complete in all respects as required by law, and it clearly shows that the operational debt is due and has not been paid. Thus it is clear that petition filed U/S 9 of the Code deserves to be admitted - petition admitted - moratorium declared.
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