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CIRP Cannot Proceed Under IBC When Pre-Existing Dispute Over Dues Exists Before Section 8 Notice Issuance.

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Full Text of the Document

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....Initiation of CIRP - Outstanding dues and Adjustment of retention money - The IBC is not a substitute for a recovery forum. - Since there was a dispute existing prior to the issuance of Section 8 notice, the insolvency provisions cannot be invoked. - AT....