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2018 (8) TMI 1986 - 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:- Upon receipt of notice of this petition, the Corporate Debtor appeared. In spite of opportunity given to the Corporate Debtor, they did not file any affidavit- in-reply. The Ld. Counsel for the Corporate Debtor made a statement that the Corporate Debtor is not in a position to pay the debt. The Authority may decide the matter on its own merit - Since the Corporate Debtor did not dispute the fact that they are liable to pay a sum of ₹ 5,59,198/- to the Operational Creditor and that they did not pay the same, nothing left for this Authority to decide the petition but to admit the same. It is not in dispute that notice under section 8 of Code was given to the Corporate Debtor. Operational Creditor produced on record the bills on which his claim is based. He also produced on record the certificate issued by his Banker stating that the amount claimed herein has not been received in his account. This fact is otherwise not in dispute. There is no disciplinary proceeding pending against the proposed IRP, whose name is suggested herein by the Operational Creditor. Petition admitted - moratorium declared.
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