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2022 (8) TMI 546 - 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 - service of demand notice - HELD THAT:- The Operational Creditor issued a demand notice in Form 3 under section 8 of the Code on 11 January 2020. Further, the Operational Creditor has submitted an affidavit under section 9(3)(b) of the Code, affirming that the Corporate Debtor has not raised any dispute regarding the unpaid operational debt. The Operational Creditor has further produced affidavit affirming that it has not received any payment from the Corporate Debtor after the issuance of the demand notice in Form 3. The purpose of the Code is to resolve the insolvency of the Corporate Debtor and not recovery of debt. On perusal of the said documents, it is opined that the Corporate Debtor in the instant case is not insolvent and very much capable of repaying the due amount to the Operational Creditor. The admission on the part of the Corporate Debtor further suggests to the possibility of collusion between the parties. As such, this Adjudicating Authority is not fully satisfied that the instant petition should be admitted and the Corporate Debtor should be brought under CIRP - petition dismissed.
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