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2022 (11) TMI 564 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- The Respondent claimed that the application is barred by limitation since certain invoices were of the year 2013. In the present case the Operational Creditor has relied on multiple invoices to arrive at the amount of Rs. 1,92,93,421. The last payment was made on 31.10.2016. In the ledger maintained by the Corporate Debtor an amount of Rupees 1,54,21,882 is due and payable against the service of the Operational Creditor. For the aforesaid amount the Respondent has already settled the claim of Rs. 1,54,21,882 with the Operational Creditor which was the liability as admitted by the Corporate Debtor. The Respondent has also filed an affidavit in respect to settlement of dues with the Operational Creditor - the dispute with respect to the remaining amount is disputed and it is evident from the documents placed on record by the Corporate Debtor that there exists a pre-existing dispute between the parties and it is the mandate of law that if there exists a pre-existing dispute between the parties the Adjudicating Authority must reject the application under section 9(5)(ii)(d). On hearing the arguments of the learned counsel for the Operational Creditor as well as the reply filed by the Corporate Debtor and upon appreciation of the documents placed on record to substantiate their respective claims, this Adjudicating Authority dismisses this application filed by the Operational Creditor under Section 9 of Insolvency and Bankruptcy Code, 2016 as there is a pre-existing dispute between the parties and IBC is not a substitute for a recovery forum. However, the claim under any other law, if permissible, can be pursued by the Petitioner as prescribed under that law. Application dismissed.
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