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TMI Blog2021 (8) TMI 203X X X X Extracts X X X X X X X X Extracts X X X X ..... -7-2021 - M.B. Gosavi, Member (J) And Dr. Binod Kumar Sinha, Member (T) For the Appellant : J. Basava Raju and A. Sandhya Rani For the Respondents : Dhir Dhir Associates ORDER 1. The present Application bearing IA No. 203/2020 is filed under Section 60(5) of Insolvency and Bankruptcy Code, 2016 Read with Section 8, 11 32 of NCLT Rules, 2016 praying the Tribunal to receive the documents on record which clearly shows the existence of pre-existing dispute by allowing the I.A. 203 of 2020 in C.P. No. 668/9/HDB/2019 in the interest of justice and equity. 2. Brief facts as stated by the counsel for the Applicant are as follows:- a) It is averred that CP(IB) No. 668/9/HDB/2019 has been filed by the operational credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Operational creditor regarding pre-existing dispute within the statutory period of 10 days from the receipt of the demand notice. The Judgment of Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited given by a division Bench of the Hon'ble Supreme Court in 2017 stated that: Another thing of importance is the timelines within which the insolvency resolution process is to be triggered. The corporate debtor is given 10 days from the date of receipt of demand notice or copy of invoice to either point out that a dispute exists between parties or that he has since repaid operational debt. If neither exists, then an application once failed has to be disposed of by the Adjudicating Authority within 14 days of its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 27.....For the meaning of debt , we have to go to Section 3(11), which in turn tells us that a debt means a liability of obligation in respect of a claim and for the meaning of claim , we have to go back to Section 3(6) which defines claim to mean a right to payment even if it is disputed. The Code gets triggered the moment default is of rupees one lakh or more (Section 4). The corporate insolvency resolution process may be triggered by the corporate debtor itself or a financial creditor or operational creditor. Hence, there is an existence of an undisputed debt for which the application for CIRP is to be admitted against the Corporate Debtor. vii. In view of the above instant application filed by the corporate debtor is liabl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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