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2018 (6) TMI 490 - AT - Insolvency and BankruptcyCorporate Insolvency Resolution Process - whether unilateral ‘transfer’ of liability does not constitute a ‘dispute’ within the meaning of Section 5(6) of the ‘I&B Code’? - Held that:- Insolvency application under Section 9 was filed on 20th February, 2017 and no reply was filed within the stipulated period of ten days. The notice of dispute under Section 8(2) was issued on 2nd March, 2017, which cannot be taken into consideration to hold that there was ‘existence of dispute’. The ‘Operational Creditors’ have brought to the notice of the Adjudicating Authority the copies of Commercial Tax (Sales Tax) monthly returns of the ‘Corporate Debtor’. The ‘Corporate Debtor’ has taken plea before the Commercial Tax Department, Kanpur that during the relevant period supplies were made by the ‘Operational Creditors’ and thereby acknowledged the purchase made in their monthly tax returns. On the basis of such, the ‘Corporate Debtor’ having already taken ‘input tax credit’ from the Tax Department, now cannot take plea that the ‘Corporate Debtor’ do not owe any debt to the ‘Operational Creditors’. No merit in these appeals.
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