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2020 (6) TMI 282 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment - existence of Operational Debt and amount in default - HELD THAT:- This is an Application filed U/s.9 of the Code. According to the provisions of Sec.8 and 9, for initiation of resolution process U/s.9, the Applicant must send a demand notice, to which the Corporate Debtor should reply within 10 days brining to the attention of the Applicant either (a) existence of a dispute or record of pendency of suit or arbitration proceedings filed before receipt of such notice or (b) the payment of unpaid operational debt by placing evidence of payment. In the instant case, notices U/s.8 were served on 31.08.2019/04.09.19, which was replied to by the Corporate Debtor herein on 12.09.2019. In the reply, it has been contended that all terminal benefits as per terms of employment of the Applicant herein had already been paid and that the claim made by the Operational Creditor in the Demand Notice is not payable in law and is also disputed. This Adjudicating Authority observes that there is evidence on record in the form of the e-mail correspondence which indicates that there was pre-existence of dispute between the Applicant and Respondent in respect of the claims made by the Applicants - Since there exists a real dispute between the Applicant and Respondents in respect of claims, we are not inclined to admit this Application, and the same is hereby rejected. Application dismissed.
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