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2021 (10) TMI 1076 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - High Seas Sale Agreement - existence of debt and dispute or not - HELD THAT:- It is not in dispute that only based upon high sea sale agreements that the corporate debtor has engaged the services of the operational creditor to deliver certain goods from Indonesia to Cochin. However it is seen that after the goods have arrived at Cochin, the corporate debtor was not in a position to take delivery of those goods since the corporate debtor's client, namely, M/s. Mahe Convention and Events Centre, Kannur was constrained to stop the entire projects. However, it is a fact borne on record that based upon the amendment letter which has been issued during the month of October, 2016 the goods which were at the customs house, were ultimately cleared in the name of the new consignee, viz., M/s. Mahe Convention and Events Centre, Kannur and not by the corporate debtor. The operational creditor in their rejoinder has not disputed the said fact that the consignment has been cleared by, viz., M/s. Mahe Convention and Events Centre, Kannur. Hence, this Tribunal is of the view that there is no due which is liable to be paid by the corporate debtor to the operational creditor in the present application and consequently there is no default being committed on the part of the corporate debtor. Application dismissed.
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