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2020 (5) TMI 98 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - Pivotal contention advanced by the Learned Counsel for the Appellant is that the Adjudicating Authority had failed to take into account that if a ‘Corporate Debtor’ commits a default of a ‘Financial Debt’ then, the Adjudicating Authority is to see that the records of the ‘Information Utility’ or other evidence produced by the ‘Financial Creditor’ to satisfy that the ‘Default’ had occurred - HELD THAT:- There exist serious dispute as to whether the Respondent/‘Corporate Debtor’ owes any sum to the Petitioner/‘Financial Creditor’ and the said dispute cannot be determined in a summary proceedings under the ‘Insolvency & Bankruptcy Code’ in the considered information of this Court. Suffice it for this Tribunal to make a pertinent mention that the dispute between the parties requires to be thrashed out by adducing necessary documentary and oral evidence before the ‘Competent Forum’. Admittedly, the Adjudicating Authority under the ‘I&B’ Code is not a ‘Court of Law’ and it does not decide money claim or ‘Suit’. In any extent, the Appellant has failed to establish when there is any ‘Debt’ recoverable from the Respondent Company and the occurrence of default. Taking note of attendant facts and circumstances of the instant case in an encircling manner this Tribunal comes to an inevitable and irresistible conclusion that the Impugned Order dated 17th September, 2019 in dismissing the Section 7 Application is free from any legal infirmities - Appeal dismissed.
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