2019 (11) TMI 1541

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....he Appellant : Angad Singh and Neeraj Shah, Advs. For the Respondents : Vivek Vashi ORDER V. Nallasenapathy, Member (T) 1. This company Petition is filed by Landmark Realty (hereinafter called "Petitioner") seeking to set in motion the Corporate Insolvency Resolution Process (CIRP) against Siroya Developers Private Limited (hereinafter called "Corporate Debtor") alleging that Corporate....

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....t the bills are over due and interest @24% per annum will be paid by them as late payment charges. 3. The Corporate Debtor issued four cheques in favor of the Petitioner, all dated 13.07.2017, in part discharge of the liability which were returned unpaid/dishonored by the bankers with reason 'Funds Insufficient' along with Banker's Memos dated 14.07.2017. A legal notice dated 29.07.....

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....o refer the judgement of the Hon'ble Supreme Court in the case of Mobilox Innovations Pvt. Ltd. v/s. Kirusa Software (P) Limited- (2017 SCC Online SC 1154) wherein in para no. 40, it was held as follows: "40. It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Sec....

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.... defence is likely 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." 7. The Hon'ble NCLAT in the cases of Kanti Commercials Private Limited Vs. Belthangady Taluk Rubber Growers M....