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2020 (3) TMI 162 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate debtor failed to make repayment of its debt - existence of debt and dispute - HELD THAT:- Under the arrangement, the Corporate Debtor is not liable to pay monies/debt which was due and payable by M/s Mahalasa Acoustic Pvt. Ltd. Therefore, it can be said that there is no debt due from the Corporate Debtor to the Petitioner since no invoice was raised on the Corporate Debtor and the proforma invoices were raised on M/s. Mahalasa Acoustic Pvt. Ltd. The Petitioner has failed to establish the debt and there is no debt as defined under Section 3(11) of the Code which provides that "debt means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt". Petition dismissed.
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