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2021 (6) TMI 740 - Tri - Insolvency and BankruptcyMaintainbaility of application - initiation of CIRP - Corporate Debtor faield to make repayment of its dues - Operational Creditors or not - existence of debt and dispute or not - HELD THAT:- It is the case of the petitioner that in terms of the agreements entered into between the petitioner and the respondent, the respondent guaranteed and warranted that it shall utilize the raw material supplied by the petitioner solely and exclusively for the purpose of manufacture of the products for the petitioner and not for any other purpose. Despite the petitioner having provided with the raw material and technical know-how to the respondent and made repeated requests and reminders, the respondent failed and neglected to supply and deliver the products to the creditor. In July 2017, upon physical verification at the premises of the respondent, the petitioner learnt that the raw materials supplied by it are missing from the site and the respondent has wrongly misused and misappropriated the raw material. The respondent by misusing the raw materials which belonged to the petitioner, is in complete breach and violation of the agreement and has deprived the petitioner of its legitimate rights over the stock of raw material. The respondent with such actions have, therefore, committed willful default of the agreement. The petitioner miserably failed to give a proper calculation/computation of the amount claimed as a debt due from the respondent. The invoices were raised by third party vendors in favour of the petitioner. The petitioner has not raised any invoice against the respondent. In this view of the matter, we are of the considered view that the petitioner failed to establish the relationship of an operational creditor and corporate debtor between the petitioner and respondent and also failed to prove any ascertained and established debt either in respect of any services rendered or goods supplied to the respondent or for any breach of trust or terms of agreements. Hence, the issue is answered in the negative. Petition dismissed.
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