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2018 (1) TMI 1329 - Tri - Insolvency and BankruptcyCorporate insolvency process - existence of eligible debt - Held that:- Operational Creditor has filed the Insolvency case on account of services rendered by the Contractor regarding construction of a hotel and the amount is due relating to the said contract. Operational Creditor owes such debt which is due on the Corporate Debtor on account of services rendered by the Operational Creditor regarding the construction of a hotel. Thus, it is clear that all the ingredients of section 9 are satisfied, and Operational Creditor has proved that the Corporate Debtor has failed to clear off the dues of more than one lakh rupees, even after receiving the demand notice under section 8(1) of the Code. It is also clear that the Corporate Debtor has not raised any notice of dispute within ten days of receiving the demand notice, and for the first time, Corporate Debtor has raised dispute while submitting the reply and that too on flimsy grounds, unsupported by any document. Thus, it is clear that petition filed by the petitioner under section 9 of the Insolvency & Bankruptcy Code, 2016 deserved to be admitted.
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