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2019 (3) TMI 1655 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAIAdmissibility of petition - initiation of CIRP - Corporate Debtor defaulted in repayment of dues - HELD THAT:- The Operational Creditor has not received the outstanding Debt from the Debtor keeping in view the agreement and the relevant clauses therein. It is clear that there was a lock in period, which had to be complied with by the Corporate Debtor, failure to which would lead to the Corporate Debtor to pay outstanding license fee after adjusting the security deposit. The formalities as prescribed under the Code have been completed by the Operational Creditor - this Petition deserves ‘Admission’ specially when the Debtor is accepting its default. Petition admitted - moratorium declared.
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