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2018 (7) TMI 634 - Tri - Insolvency and BankruptcyCorporate insolvency process - pre existing debt - Held that:- The operational creditor has filed supplementary affidavit indexing the certified copy of the bank's statement. The operational creditor has complied with the provision of section 9(3)(b) and (c) of the Insolvency in Bankruptcy code. It is pertinent to mention that proceeding before they Hon'ble High Court relating to criminal case filed under section 138 of the Negotiable Instrument Act has been stayed vide order of the Hon'ble High Court dated 7 December 2017. Criminal proceedings were relating to criminal liability in connection with dishonouring of cheques. There is nothing on record which proves that there was pre-existing dispute relating to the alleged debt amount. The corporate debtor has itself issued the balance confirmation letter wherein he has accepted the liability of the alleged dues of ₹ 85,53,570 along with interest at the rate of 24% per annum. Given above said facts and principle laid down the contention of the respondent that there was a pre-existing dispute regarding goods given by the Operational Creditor to the Corporate Debtor and that the Pendency of Mediation Proceedings initiated at this instance bar the proceedings under IB Code is found devoid of merit. The Operational Creditor had not received the outstanding dues from the Corporate Debtor, and the requirements as prescribed under IB Code have been completed by the Petitioner. The operational creditor has not proposed the name of any insolvency professional, but under section 9 of the insolvency in the bankruptcy code, it is not mandatory to propose the name of insolvency professional - this Petition deserves 'Admission.' Hence Admitted.
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