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2020 (10) TMI 12 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- The facts, as narrated by the Parties in the Petition, it establishes that the instant Petition is filed to recover the sale consideration rather than to initiate CIRP in terms of provisions of Code. In terms of Agreements in question, the Petitioners are entitled for delivery of Apartment in question, within stipulated period, however, subject to justifiably delay. The Respondent have satisfactorily explained the reasons for delay in completion of Projects. Since the Respondent has expressed its readiness to deliver the Apartment in question, on expeditious basis, on par with other similarly situated Parties, the Petitioners are not entitled to seek initiation of CIRP against Corporate Debtor. The Petition itself is misconceived. The Adjudicating Authority is not recovery forum, and the Corporate Debtor is still a going concern, even during present economic crisis, and thus it cannot be disturbed by way of initiating proceedings under the provisions of Code. It would be just and proper to dispose of the instant Petition by directing the Corporate Debtor to handover the possession of the Apartment in question to the Petitioners, immediately on its completion - petition is hereby disposed of by directing the Corporate Debtor to handover the possession of the Apartment in question, on its completion, to the Petitioners, as committed by it.
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