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2020 (12) TMI 34 - NATIONAL COMPANY LAW TRIBUNAL , KOCHI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor defaulted in making payment of dues - Existenc eof debt and dispute or not - HELD THAT:- It was held in the landmark judgement of Hon’ble Supreme Court in “Innoventive Industries Ltd. v. ICICI Bank and Anr. [2017 (9) TMI 58 - SUPREME COURT] that the existence of a dispute or the record of the pendency of a suit or arbitration proceedings should be pre-existing-i.e. prior to demand notice or invoice received by the ‘Corporate Debtor’. The moment there is existence of dispute, the ‘Corporate Debtor’ gets out of the clutches of the ‘I&B Code’ - In this case, this Tribunal did not come across any record which would show that a dispute that was pre-existing apart from that of a hypothetical or illusory dispute which has been raised by the ‘Corporate Debtor’. Hence, it is clear that the Corporate Debtor has not raised any dispute relating to debt nor raised any dispute relating to quality of service of goods. They merely shown the difference of the date on which the amount claimed and that they have already credited an amount of ₹ 3,00,000/- which is not shown in the extract of the bank statement provided in the application. Hence the Operational Creditor is indenting to grab money illegally from the Corporate Debtor claiming an exorbitant interest. The statement made by the Corporate Debtor cannot be termed as a pre-existing dispute or plausible dispute. The present application is complete in all respects and the applicant is entitled to claim its dues. The applicant succeeded in establishing the default in payment of the operational debt beyond doubt. In view of the above, the instant petition deserves to be admitted. Petition admitted - moratorium declared.
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