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2021 (6) TMI 49 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- There has been no admission of operational debt by the respondent. In fact, there has been a dispute regarding the approval of rates and bill as issued by the operational creditor against the Corporate Debtor. Further the corporate debtor on 14.12.2019 vide an email already intimated the applicant regarding the approval of the rates which are not matching with those as originally approved which clearly shows that the invoices were not acknowledge by the Corporate Debtor. There was existence of dispute much prior to the issuance of notice under Section 8 of the Code. Respondent has raised dispute with sufficient particulars. The amount of claim raised by the applicant clearly falls within the ambit of disputed claim. The claim of dispute suggests the need of elaborate investigation. In the facts it is reiterated that existence of genuine dispute in the present case cannot be ruled out. As per Section 9 (5) (ii) (d) of the Code provides that adjudicating authority shall reject the application if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility - petition fails and the same is rejected.
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