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2020 (2) TMI 909 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - 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 - In another latest judgment rendered in Transmission Corporation of A.P.Ltd. v. Equipment Conductors and Cables Ltd. [ 2018 (10) TMI 1337 - SUPREME COURT ], the Hon'ble Supreme Court of India has, inter alia, held that existence of undisputed debt is sine qua non of initiating CIRP. There exists a credible dispute with regards to the payment of the alleged Operational Debt - the present case is not a fit case to admit and thus the Company Petition is hereby rejected - petition dismissed.
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