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2021 (5) TMI 310 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT:- In the Purchase Order dated 19.10.2018 enclosed at Page 13 of the application, it is clear that the Respondent placed a Purchase Order for a sum of ₹ 62,31,780/-. On perusal of the Purchase Order, it clearly shows that there is no Clause mentioned in respect of interest for the delayed payments - As per the Purchase Order also, it was mutually agreed between the parties that the materials plus or minus 5% shall be adjusted after transactions. The Applicant failed to quantify the "debt amount" and "default". Thus, it is clear that there is a pre-existing dispute between the parties - In the matter of MOBILOX INNOVATIONS PRIVATE LIMITED VERSUS KIRUSA SOFTWARE PRIVATE LIMITED [2017 (9) TMI 1270 - SUPREME COURT], the Hon'ble Apex Court held that all that the Adjudicating Authority is to see at this stage is whether there is a plausible contention which requires further investigation and that the "dispute" is not a patently feeble legal argument or an assertion of fact unsupported by evidence. It is important to separate the grain from the chaff and to reject a spurious defence which is a mere bluster. Application dismissed.
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