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2023 (9) TMI 190 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Operational Creditors - Pre-Existing Dispute or not - HELD THAT:- There are uncertain forces in the submissions on behalf of the Counsel for the Appellant that the Adjudicating Authority while passing the Impugned Order failed to consider the correspondences between the Appellant and Respondent No. 1 dated 17.06.2018 to 22.06.2018. Further, the Adjudicating Authority has also not considered paras 5 & 6 of the Reply Affidavit filed by the Respondent (Appellant herein) before the Adjudicating Authority in correct perspective. The Corporate Debtor is released from the rigours of CIRP and is allowed to function independently through its Board of Directors with immediate effect. The Resolution Professional shall however be paid his fees/expenses by the Operational Creditor. The Impugned Judgement passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court-I) cannot be sustained in the eye of law - Appeal allowed.
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