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2017 (12) TMI 971 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHICorporate insolvency process - liability recoverable from the Corporate Debtor - Held that:- Corporate Debtor has been issuing C-Forms and the terms and conditions printed on the invoice clearly provide for a period of 60 days to make the payments, failing which the unpaid amount would attract interest @ 24% per annum. Though the business transaction existed for some time, it is only with effect from 14.05.2016 that the payments became irregular. The emails on record have acknowledged the liability to pay, though the Corporate Debtor has expressed its financial difficulty in liquidating the same. There is no dispute raised in respect of the liability to repay and merely repudiating the same in the reply to the notices would not absolve the Corporate Debtor from initiation of the resolution process against them. E-mails, issuance of ‘C forms, part payment by way of acknowledgement of the outstanding liability on 23.10.2016 as well as their specific confirmation of the outstanding liability of 27.65 lakhs as on 01.04.2017 arc clear admission of a debt due by the Corporate Debtor to the Operational Creditor. In view of the above, as there is a clear liability recoverable from the Corporate Debtor, the Operational Creditor is entitled for initiation of the resolution process.
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