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2020 (4) TMI 448 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of dues - existence of dispute or not - HELD THAT:- There is pre-existing dispute over claim made in the instant Petition, and the Petitioner failed to explain laches and limitation, and it is initiated with an intention to recover the balance amount of 10 % which is stated to have forfeited, which is contrary to settled position of law. It is also placed on record that Respondent is a solvent company and having around 2000 employees on regular and seasonal on its roll. Therefore, the Company cannot be put under CIRP, when the Petitioner failed to make out case in favour of such prayer. Since the Respondent, for the first time stated to have raised plea of forfeiture of remaining balance amount in its reply dated 08th March, 2019, it would be just and proper to direct the Respondent to reconsider the claim of Petitioner, dispassionately, in terms of Purchase order and Agreement in question, in order to avoid further litigation, without prejudice to the rights of both the Parties. The Petitioner is permitted to submit their representation about its claim along with supported documents to the Respondent within the period of 4 (four) weeks from the date of receipt of copy of this order - Petition disposed off.
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