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2019 (8) TMI 782 - Tri - Insolvency and BankruptcyAdmissibility of petition - Initiation of Corporate Insolvency Resolution Process - Corporate Debtor defaulted in repayment of the sum - Section 9 of Insolvency and Bankruptcy Code, 2016, R/w Rule 6 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016 - main contention of the Learned Counsel, Respondent is not a Corporate Person within the meaning of Section 3 (7) of IBC, 2016 - HELD THAT:- The Respondent is a Financial Service Provider within the meaning of section 3 (17) of the Code and that it is exempted from the purview of I&B, Code. The contention of Operational Creditor that Respondents withheld payment for June, 2017 even before the advent of GST Act. Thus, Respondent committed default. As far as bill for June, 2017 is concerned, the Respondent is contending that action cannot be initiated against it under the Code. Secondly, consolidated claim is made over when genuine dispute was raised and claim may include the dues for June 2017. However, the main grounds urged that Petitioner / Operational Creditor cannot initiate action against Respondent under provisions of I & B Code - the present Application under Section 9 of the Code is not maintainable against Respondent. The Petitioner stated that Respondent did not pay the money due to him when demanded. It is interesting to note that Respondent was prepared to pay the money and settle the claim of Petitioner before admission. He ought to have accepted the same and one cannot be permitted to take recourse to the provisions of the Code for settling personal vendetta. CIRP cannot be initiated against the Company when it is prepared to pay or settle the claim of the Petitioner. Petition rejected.
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