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2018 (2) TMI 1930 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate debtor defaulted in repayment of amount - operational creditor - Existence of dispute or not - HELD THAT:- The Operational Creditor has issued valid purchase orders to the Debtor and also paid the Advance amount for the said purchase - on number of occasions the Debtor has accepted his default in payment of outstanding amount but has not repaid the outstanding amount. The Operational Creditor has established that the nature of Debt is an "Operational Debt" as defined under section 5(21) of the Definitions under The Code, as the Operational Creditor has issued a valid purchase orders and also paid the advance amount for those purchases. Further, he has also established that there is a "Default" as defined under section 3 (12) of The Code on the part of the Debtor - We have also perused the notice sent under Section 8 (2) of the Insolvency and Bankruptcy Code, 2016 and it came to our notice that the said notice is duly served upon the Debtor. Further, if the Respondent wanted to place on record evidence of 'Dispute' then he could have raised the objection within 10 days as prescribed under section 8 (2) of The Code which had also lapsed now. Hence, admittedly there is no "Dispute" in respect of the outstanding Debt. Petition admitted - moratorium declared.
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