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2018 (6) TMI 348 - AT - Insolvency and BankruptcyCorporate insolvency procedure - whether there is‘existence of dispute’ much prior to issuance of Demand Notice under Section 8(1)? - Held that:- There is an ‘existence of dispute’ since prior to issuance of Demand Notice under Section 8(1). For the said reason the ‘Corporate Debtor’ stopped payment to ‘Operational Creditor’ for not completing the job and for sub-standard work. In fact the ‘Corporate Debtor’ imposed penalty on the ‘Operational Creditor’. In the aforesaid circumstances, we are of the view that the application under Section 9 of the I&B Code was not maintainable. The Adjudicating Authority though noticed the aforesaid existence of dispute but having failed to appreciate, we have no other option but to set aside the impugned order.
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