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2019 (8) TMI 1787 - NATIONAL COMPANY LAW TRIBUNAL BENGALURUMaintainability of application - recovery of dues - initiation of CIRP or only dues to be recovered - assignment of debt - wilful defaulter - Tribunal, victim of forum shopping or not - HELD THAT:- It is a settled position of law that the provisions of Code cannot be invoked for recovery of outstanding amount but it can be invoked to initiate CIRP for justified reasons as per the Code. The Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited [2017 (9) TMI 1270 - SUPREME COURT], has inter alia, held that IBC, 2016 is not intended to be substitute to a recovery forum. In another judgment rendered in Transmission Corporation of A.P. Ltd. Vs. Equipment Conductors and Cables Ltd., [2018 (10) TMI 1337 - SUPREME COURT] Supreme Court of India, it is, inter alia held that existence of undisputed debt is sine qua non of initiating CIRP. Given the disputes between the parties, there are no 'any justified reasons' to initiate Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtor. Further, it is reiterated that this Tribunal is not intended to be substitute to a recovery forum and that the Petitioner ought to act on the recovery certificate issued by the Debt Recovery Tribunal. Furthermore, we do not intend this Tribunal to be a victim forum shopping. The Petition filed under Section 7 of I&B Code, 2016 ought to be rejected - petition dismissed.
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