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2017 (11) TMI 1716 - Tri - Insolvency and BankruptcyCorporate insolvency process - outstanding debt - Held that:- The present petition has been filed in the form and manner prescribed under the Code. It is annexed with the copies of the invoices and delivery receipts. Due notice u/ s 8 of the Code was sent by the Director of the Operational Creditor authorised to initiate the present proceeding vide a Board Resolution. The notice, which was annexed with the required invoices and other document, remained unreplied. The petitioner has maintained a ledger account reflecting the statement of debit and credit in respect of their dealings with the Corporate Debtor. The Bankers of the Operational Creditor viz. Standard Chartered, vide their letter dated 23.10.2017 have certified that the amount of ₹ 8,58,426.87 in the account of the Operational Creditor has not been received from the Corporate Debtor. Despite service on the Corporate Debtor vide different modes, none has appeared on behalf of the respondents to offer any resistance. From the facts of the case, this Bench is satisfied that the Operational Creditor is entitled to initiate the Insolvency Resolution Process against the Corporate Debtor for non payment of its dues. This petition u/ s 9 of the Code is therefore Admitted. A moratorium in terms of section 14 of the Code is being issue
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