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2021 (5) TMI 272 - Tri - Insolvency and BankruptcyMaintainability of application - availability of alternative remedy - Seeking reference of dispute or difference to arbitration - HELD THAT:- The availability of the alternative remedy cannot be the reason for not considering the application before us as regards to the debt and default of the corporate debtor as laid down by the NCLAT. The existence of pre-existing dispute as laid down by the corporate debtor is being demonstrated that a suit was pending in respect of operational debt, in respect whereof corporate debtor was alleged to have defaulted the adjudicating authority would not be drawing a conclusion in respect of alternative remedy available to the parties for settlement of the matter, even though the agreement between the parties provide for the same. Further, section 238 of the IBC which has an overriding effect over the existing laws or any other law or contract would not admit of the alternative remedy to seek resolution of the dispute in the light of Section 238 of IBC. The Adjudicating Authority is only to satisfy itself whether there is debt and default in the instant application. The alternative remedy that is available may not be of much help to the corporate debtor as long as there is debt and default in regard to the operational debt. Application filed by the corporate debtor/applicant has no substance - application dimissed.
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