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2019 (1) TMI 1570 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process (CIRP) - whether the demand notice in form No.3 dated 19.09.2017 was properly served - principles of natural justice - HELD THAT:- It was argued by the learned counsel for the Operational Creditor that the address of the Corporate Debtor was changed much after the petition was filed on 29.01.2018 and therefore, service of the demand notice upon the registered address as shown in the then master data was a valid service. The learned counsel for the Corporate Debtor has argued that the relocation was done before 16.02.2018 - However, no evidence in this regard is furnished. In view of the above discussion, the service by speed post at the then registered address of the Corporate Debtor is held to be a valid service. Presence of dispute or not? - HELD THAT:- It is held that the Corporate Debtor has not been able to prove that a dispute truly exists in fact. The dispute raised is in the nature of spurious, hypothetical or illusory dispute and therefore, the contentions raised are rejected. In the present case, no averments have made before us that the application under Section 9(2) is not complete. We have gone through the contents of the application and find the same to be complete. As discussed above, there is an unpaid operational debt amounting to ₹13,04,521/- comprising of outstanding amount of invoices of ₹11,29,565/- and interest at 1.5% per month up to 02.01.2018 of ₹1,74,956/- (Interest @ 1.5% per month is provided for in Clause 4 of the Security Services Agreement dated 04.04.2016). In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, the petition for initiation of the CIRP process in the case of the Corporate Debtor M/s Quickdel Logistics Pvt. Ltd. is admitted - Moratorium declared.
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