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2020 (3) TMI 919 - 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 - scope of 'suit' and 'proceedings' - HELD THAT:- The provisions of section 69(2) of the Indian Partnership Act, 1932, applies to "suits" and therefore, cannot apply to "proceedings" under the IBC. There is a trinity of entities which were dealing with the Corporate Debtor. All the three entities were being managed by the same set of individuals. There were inter se business transactions between the triad of entities controlled by the same set of individuals and the Corporate Debtor. There was a fallout between the partners of the Operational Creditor, and the remaining partner decided to use this position to advantage by issuing a Demand Notice to the Corporate Debtor even though he was fully aware of the assurances given by the other partner of the Operational Creditor to the Corporate Debtor in regard to set off/adjustment of accounts between the three entities on the one hand and the Corporate Debtor on the other. Application rejected.
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