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2018 (5) TMI 1990 - Tri - Insolvency and BankruptcyOperational Debt - default due - the Operational Creditor, after issuance of Demand Notice, has filed this Petition/Application, claiming outstanding amount of Debt, under provisions of the Code - HELD THAT:- It was duly served upon the debtor but the Debtor has not given reply to the Demand Notice u/s 8 within the time limit provided by the Act. However, the Debtor has filed the reply to this Petition/Application raising the question of Dispute - in this case the question of Dispute does not arises for the reasons viz. i) from the begining the Debtor has never said that the Fees of the Operational Creditor is not due, however there are number of occasions where the Debtor has itself acknowledged his liability; ii) he has not raised the question of dispute at the time of issuance of Demand Notice. The Debtor has filed reply to this Petition/ Application to delay the proceedings. Thus, the Operational Creditor has rendered his professional services to the Debtor and raised valid invoices for the same but the Debtor has failed to make the payment. Hence, the Debt demanded is in the nature of "Operational Debt" as defined under section 5 (21) of the Definitions under The Code. And there is a "Default" as defined under section 3 (12) of The Code on the part of the Corporate Debtor - as the Operational Creditor had not received the outstanding Debt from the Debtor and that the formalities as prescribed under The Code have been completed by the Petitioner/Applicant, it is my conscientious view that this Petition deserves 'Admission'. Petition admitted.
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