2019 (10) TMI 1339

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....r ( T ) For the Appellant : Megha Savanur For the Respondents : Varun. S ORDER Rajeswara Rao Vittanala, Member (J) 1. C.P(IB) No. 151/BB/2019 is filed by M/s.Bellgeo Enterprises Limited (Operational Creditor), U/s 9 of the I&BC, 2016, R/w Rule 6 of the I&B(AAA) Rules, 2016, by inter alia seeking to initiate the Corporate Insolvency Resolution Process (CIRP) in respect of M/s.Deccan ....

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....ndent. We have carefully perused the pleadings of both the parties and extant provisions of Code and the law on the issue. 4. Shri Varun.S, learned Counsel for Respondent has filed a Memo dated 10.10.2019, by inter alia stating that the Corporate Debtor has agreed to pay the Operational Creditor the due amount of Rs. 38,37,905/- (in equivalent US Dollars) in three equal monthly instalments of R....

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....or recovery of outstanding amount but it can be invoked to initiate CIRP for justified reasons as per the Code. The Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited (2018) 1 SCC 353 , has inter alia, held that IBC, 2016 is not intended to be opinion that the Petitioner failed to justify that the instant petition is filed to initiate C....