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2018 (6) TMI 1701 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- Counsel for the corporate debtor has been fair enough to admit that the corporate debtor has not taken any step after completion of the term of the JDA either to make payment or to make any communication till the receiving of the notice under section 8(1) of the I and B Code, 2016, which has been sent to the corporate debtor on March 8, 2018. It appears that the corporate debtor has come up with a frivolous defence after receiving notice under section 8(1) of the I and B Code, 2016 and has not made any payment/communication to the operational creditor as was envisaged as per the terms and conditions of the JDA - it is safely concluded that the corporate debtor has defaulted in making payments to the operational creditor. The operational creditor has complied with section 9(3)(b) and (c) of the I and B Code, 2016, by filing affidavit, where it has been deposed that the stand taken by the corporate debtor in its reply dated March 21, 2018 is a mere afterthought and as such, none of the claims so made in the reply were ever made prior to the same - The operational creditor has fulfilled all the requirements of law for admission of the application. This authority is satisfied that the corporate debtor has committed default in making payment of the outstanding debt claimed by the operational creditor. Application is admitted and the commencement of the corporate insolvency resolution process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed - moratorium declared.
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