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2022 (5) TMI 807 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The transaction in between the parties was a sub contract in between the Applicant and the Corporate Debtor. The Corporate Debtor though receives some bill amount from IOCL did not part with the Applicant its due share. Hence the dispute arose and it was settled by meeting dated 16.03.2018. As per minutes of meeting dated 16.03.2018, the Corporate Debtor agreed to pay some amount to the Applicant but very nature of transaction under which the amount was agreed to pay, was the amount payable toward services provided by the Applicant to the Corporate Debtor by way of sub contract. Such amount does not fall in category of the financial debt - There are no opinion whether the amount claim could be the operational debt or not or it was a joint venture in between both the parties, it is held that the amount as claimed herein cannot be a financial debt and hence this application filed under Section 7 of IBC for initiation of CIRP of the Corporate Debtor is not maintainable and the same stands rejected. Application is not maintainable and stands rejected.
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