2021 (5) TMI 579 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCH - Insolvency & Bankruptcy

Head Note / Extract:
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT:- The claim raised with reference to amount due for invoices dated 10.06.2016 and 05.07.2016 amounting to ₹ 7,59,962/- along with an interest on the outstanding due amounting to ₹ 4,00,419/- @ 18% p.a., as per the terms of the invoice from the due date of the invoice till the date of the Demand Notice. It is not the case of Petitioner that debt in question is un-disputed. The Respondent has filed list of various emails exchanged with the Petitioner to show that the debt and default are in dispute. There is a pre-existing and bona fide dispute exists about the claim made by the Petitioner. Apart from pre-existing dispute, the instant Petition is filed to recover such disputed amount rather than to initiate CIRP on justified grounds - the Petitioner failed to make out any case so as to initiate CIRP in respect of Corporate Debtor. Petition dismissed.