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2019 (7) TMI 1637 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues or not - existence of debt and dispute or not - service of demand notice - whether the demand notice in Form No. 4 dated March 8, 2018 was properly served? - HELD THAT:- Vide Diary No. 1870 dated April 11, 2019 it is submitted that the demand notice dated March 8, 2019 was also served to the key managerial person of the corporate debtor vide e-mail dated March 9, 2018 with whom the operational creditor had repeated correspondence in relation to the related transaction. The copy of the e-mail has been filed as annexure A1 thereof. During the course of the hearing on July 19, 2019, it was stated by learned counsel for the operational creditor that the e-mail at page 7 of Diary No. 1870, dated April 11, 2019 did not bounce. Therefore, the service of the demand notice by the operational creditor is held to be a proper service. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- he demand notice in Form No. 4 issued on March 8, 2018 was properly served. We have also discussed above that Mr. Rahul Gupta, authorized representative of the financial creditor has filed an affidavit dated May 1, 2018 stating that no reply was given by the corporate debtor to the demand notice and that there is no dispute of unpaid operational debt pending between the parties against the claim - It is found that despite service of notice for hearing on December 13, 2018 there was no representation from the corporate debtor. Therefore, any dispute with regard to the operational debt is not proved. Thus, the demand notice in Form No. 4 dated March 8, 2018 was properly delivered by the operational creditor and that no reply thereof was furnished by the corporate debtor and no pre-existing dispute is also proved. No interim resolution professional has been proposed - In view of the satisfaction of the conditions provided for in section 9(5)(i) of the Code, the petition is admitted for initiation of the CIRP process in the case of the corporate debtor M/s. Siwana Solar Power Pvt. Ltd. and direct moratorium and appointment of the interim resolution professional. Petition admitted - moratorium declared.
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