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2022 (9) TMI 635 - Insolvency & Bankruptcy
Initiation of CIRP - Assignment of debts - Operational Creditors - existence of debt and dispute or not - Settlement is already arrived at between parties - HELD THAT:- The Application filed under Section 9 of the IBC has rightly been rejected by the Adjudicating Authority in view of the Settlement Agreement dated 21.07.2015 arrived between the Appellant – Sansing Limited with HSBC and Respondent – APL Metals Limited.
The Adjudicating Authority has rightly come to the conclusion that Corporate Debtor raised a bonafide dispute regarding the ‘operational debt’ wherein the Appellant- Operational Creditor had assigned the debt to HSBC Bank and HSBC Bank has not instituted this proceeding under Section 9 of the IBC, therefore, taking in the above facts, the Application under section 9 is not maintainable as the reasons assigned by the Adjudicating Authority is cogent and require no interference.