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2019 (10) TMI 820 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - application is filed under Section 9 of I and B Code - whether the applicant is an Operational Creditor? - HELD THAT:- Admittedly, the applicant is procuring Timex Watches from the respondent from time to time for selling online i.e. the provision of goods is being made by the respondent for which payment is to be made by the applicant. The applicant’s claim is that there is outstanding amount due from the respondent as on 31.03.2017 of ₹ 12,73,235/- including amount of credit notes of ₹ 10,61,623/- and debit note raised by the applicant against the return of watches of ₹ 1,45,977/-. The applicant has not proved that an operational debt is owed to it and that it is an operational creditor. Therefore, the application under Section 9 of the Code filed for initiating CIRP against Timex India Group Limited is rejected - The compliance of the other requirements of Section 9 of the Code are not being further examined. Application rejected.
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