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2021 (5) TMI 616 - 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:- It is not in dispute that the Respondent paid principal amount and only payment of interest is stated to be delayed in accordance with the Terms and Conditions of Sale. It is not known whether any prior purchase agreement was executed between the parties, prior to supply of goods in question. The Respondent has also denied receipt of any statutory demand notice as required under the provisions of Code. Moreover, the instant Petition is alleged to have filed to recover interest part, that too against solvent Company. And mere agreeing to pay outstanding cannot automatically entitled a party to invoke provisions of Code. It is also to be noted that provisions of Code are being suspended periodically by the Govt. of India to give relief to affected industry. Therefore, invocation of provisions code in the present circumstances is too premature and not justified basing on facts and circumstances. Petition is hereby disposed of by directing the Parties to explore the possibility of settling the issue in question as expeditious as possible, failing which, the Petitioner is entitled to approach this Adjudicating Authority by filing appropriate Petition in accordance with law.
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