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2021 (10) TMI 339 - AT - Insolvency and BankruptcySeeking reconciliation of the invoices that were presented by the Operational Creditor - absence of non-production of work completion reports relating to the invoices under question - Pre-existing dispute or not - HELD THAT:- No prima facie case is made out in favour of the Appellant, moreso in the light of the fact that the Corporate Debtor was making regular payments on invoices raised Corporate Debtor on the invoices raised before February 2018. This coupled with the fact that in the Reply on affidavit submitted by the Corporate Debtor in the Application filed by the Operational Creditor u/s. 9 of IBC before the Adjudicating Authority the Corporate Debtor has stated 'payable when able' being his payment condition. The argument of the Ld. Counsel of Respondent No. 1 is convincing that this alleged dispute has been raised at this late stage only after the Operational Creditor started asking for his pending payments to show that a pre-existing dispute was present even though it is a spurious dispute, to avoid action under IBC. Thus we find that a prima facie case doesn't exist in favour of the Appellant. Both the parties are agreeable for early hearing and finalization of the appeal case on merits. Hence, no irreparable harm will be caused to the Corporate Debtor if he is not granted stay at this stage. Therefore, there are no sufficient and cogent reason to grant an order for staying the CIRP in the case. The matter be fixed for final hearing on 9th Nov. 2021.
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