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2020 (9) TMI 509 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- The contentions of the Corporate Debtor that in view of the settlement entered into between the Vira Group and sunshine Group, the Corporate Debtor herein is not liable for the amount claimed in this petition based on the Clause 9.5 of the settlement memo dated 31/10/2018. We are unable to accept the contention of the Corporate Debtor that the Corporate debtor is not liable to the petitioner. The petitioner was not a party to the settlement entered into between the Vira Group and Sunshine Group. The corporate debtor has not raised any dispute with regard to the debt or quality of goods supplied. The debt and default on the part of the Corporate debtor is writ large in the petition and in fact the Corporate debtor himself is ready to returned back some of the unutilised goods remaining with them to the petitioner. This Bench having been satisfied with the Petition filed by the Petitioner which is in compliance of provisions of section 9 of the Insolvency and Bankruptcy Code admits this Petition declaring moratorium - Petition admitted.
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