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2020 (9) TMI 842 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Debt or not - existence of debt and dispute or not - HELD THAT:- The issue do not fall under the provisions of Code. Moreover, there is substantial dispute raised by the Respondent by various legal notices and correspondence exchanged between the Parties as enclosed to the Company Petition. It is also relevant to point out here, as stated supra, there is an arbitration clause available both in MOU and Settlement Deed, to invoke arbitration clause, in case, any dispute arise between the Parties out of implementation of terms and conditions contained in the Deeds in question, so as to settle those issues. However, the Petitioner failed to invoke arbitration clause, if it feels aggrieved by the action of Respondent. It can also invoke appropriate provisions of Companies Act, 2013 if the affairs of Corporate Debtor are oppressive in nature and mismanaging its affairs, failure to implement duly approved deeds etc. Therefore, the instant Petition is filed on misconceived facts and law. The instant Application is filed with an intention to recover the alleged disputed outstanding amount, arise out of MOU dated 31.03.2018 and Settlement Deed dated 05.04.2018 - the instant Company Petition is liable to be dismissed as not maintainable.
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