TMI Blog2024 (4) TMI 567X X X X Extracts X X X X X X X X Extracts X X X X ..... ch is heavily relied upon by the counsel for the appellant to contend that due to pendency of civil suit application u/s 9 of the IBC cannot be admitted, where it was held that So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application. After going through the same and considering the findings as recorded by the NCLT and NCLAT, it is concluded that the argument as advanced by the counsel for appellant is of no help to them and the Tribunal has rightly admitted the application filed by the operational creditor for CIRP. Therefore, the order impugned of NCLT and NCLAT need no interference. Appeal dismissed. - HON'BLE MR. JUSTICE J. K. MAHESHWARI And H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inst such sale of goods, the Operational Creditor Respondent No. 1 raised invoices amounting to INR 1,77,15,636. Thereafter, Respondent No. 1 entered into a Memorandum of Understanding on 13.02.2016 (the MOU ) with the Corporate Debtor and the Appellant whereby the Corporate Debtor agreed to repay the amount by 29.02.2016. Under the terms of the MOU, the Corporate Debtor gave 8 postdated cheques to Respondent No. 1 which might be encashed in case Corporate Debtor was unable to pay the amount in cash. Due to nonpayment, Respondent No. 1 presented the postdated cheques for encashment which were dishonoured. Respondent No. 1 initiated proceedings u/s 138 of the Negotiable Instruments Act, 1881. Thereafter, Respondent No. 1 and the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to succeed. The Court does not at this stage examine the merits of the dispute except to the extent indicated above. So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application. After going through the same and considering the findings as recorded by the NCLT and NCLAT, we are satisfied that the argument as advanced by the counsel for appellant is of no help to them and the Tribunal has rightly admitted the application filed by the operational creditor for CIRP. Therefore, we are not inclined to interfere in the order impugned of NCLT and NCLAT. Accordingly, this appeal stands dismissed. Interim order shall stand vacated. Pending interlocutory applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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