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2019 (1) TMI 1811 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditor or not - existence of debt and dispute or not - HELD THAT:- The respondent having entered into an agreement dated 02.04.2018 failed to supply the material as per the work orders placed by the petitioner. Respondent also failed to repay the advance amount received by him from the petitioner. Therefore, there is a debt due from the respondent to the petitioner. Since, the amount of claim relates to provision of supply of goods, the claim amount has to be treated as an operational debt. Therefore, petitioner is an operational creditor within the meaning of Section 5(20) of the I & B Code. Respondent is a company registered under the Companies Act and it is liable to pay the operational debt to the petitioner - Inspite of issuance of Form 3 Demand Notice, respondent did not choose to pay the unpaid operational debt. The Bank account filed by the petitioner clinchingly show that the unpaid operational amount has not been credited to the account of the petitioner. Moreover, respondent also admitted the operational debt. No notice of dispute has been issued by the respondent. The petition filed by the petitioner is complete in all respects. Application admitted - moratorium declared.
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