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2018 (8) TMI 446 - Tri - Insolvency and BankruptcyCorporate insolvency process - application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 - pre-existing dispute - Held that:- The defense put up is not a mere sham or illusory and coupled in addition with the proceedings before the criminal court pending ever since 2012 clearly establishes that the dispute is of such a nature as between the parties which cannot be decided in a summary manner. In this connection, this Tribunal is also fortified by the decision of Hon'ble NCLAT rendered in A.D. Electro Steel Co. Pvt. Ltd. v. Anil Steel in Company Appeal (AT) (Insolvency) [2017 (11) TMI 890 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] in which it has been held that reply to a notice under Section 138 of Negotiable Instruments Act, 1881 prior to the filing of application can be considered as a pre-existing dispute. Application dismissed.
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