Application for CIRP Dismissed: No Evidence of Debt or Default Established by Appellant Under Insolvency and Bankruptcy Code.

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....Maintainability of application - initiation of CIRP - existence of debt and dispute or not - Admittedly, the Adjudicating Authority under the ‘I&B’ Code is not a ‘Court of Law’ and it does not decide money claim or ‘Suit’. In any extent, the Appellant has failed to establish when there is any ‘Debt’ recoverable from the Respondent Company and the occurrence of default.....