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2019 (1) TMI 1772 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - dishonor of cheque - HELD THAT:- A perusal of the documents relied upon by the Corporate Debtor however does not support the case of the Corporate Debtor. It is not denied that a memorandum of understanding dated 30th January, 2016 for purchasing material by the Corporate Debtor was executed, though it is stated to be executed under duress. Similarly, proforma invoices were issued upon the Corporate Debtor upon coercion to place purchase orders as well as acknowledge receipt of material - In view of the documents on record which fully support the case of the Operational Creditor, no credence can be given to oral submissions, whatever be the justification adopted by the Corporate Debtor. The issuance of cheques are in itself an acknowledgment of a liability which remains undischarged. The purchase orders, invoices, acknowledgment of receipt of material cannot be swept under the carpet on the mere submission that it was a sham transaction. Under such circumstances, the prayer made by the operational creditor merits consideration. Petition admitted - moratorium declared.
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