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2019 (3) TMI 1665 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to pay the said outstanding amount - HELD THAT:- The default as defined u/s. 3(12) of The Code is established. Demand Notice has been issued to the Respondent Debtor, however, the Respondent Debtor had not replied to the said Demand Notice within the prescribed time period of 10 days u/s 8(2) of The Code nor made the payment. Keeping the admitted facts in mind that the Operational Creditor had not received the outstanding Debt from the Corporate Debtor and that the formalities as prescribed under The Code have been completed by the Petitioner/ Operational Creditor, it is my conscientious view that this Petition deserves “Admission”. Application admitted - moratorium declared.
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