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2017 (8) TMI 1390 - Tri - Insolvency and BankruptcyInitiation of Insolvency Resolution process - outstanding debt - Held that:- As to the principal amount shown as ₹ 22,32,678 in respect of the invoice amount in the notice given u/s.434 of the Companies Act, 1956, the Petitioner says that calculation inadvertently has come to ₹ 22,32,678 without deduction of ₹ 4,400 gone towards transport charges on behalf of the Debtor Company which subsequently the Debtor paid to the Petitioner, that amount has been deducted when the Company Petition was filed u/ss.433 and 434 of the Companies Act, 1956. Since this variation has been explained in Company Petition, we are of the view that defence taken in respect to variation of the amount, have no sense after taking the explanation given by the Petitioner in the Company Petition into consideration. For having the Corporate Debtor admitted the liability except saying adjustments should have been made against the invoices first in point of time, this Bench hereby holds that it is a fit case for admission. Accordingly, this Petition is admitted declaring Moratorium with directions.
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