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2020 (1) TMI 1252 - 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:- The objections raised by the corporate debtor are imaginary and not supported by any documents, whereas, the documents produced on record by the operational creditor is enough to establish that operational debt is due and payable to the applicant from the respondent which was acknowledged on 03.06.2015 and thereafter also made some payment from time to time on instructions of corporate debtor. On perusal of the records it is found that Annexure R-10 (page No. 125) to the affidavit in reply is a letter dated 2nd March, 2017, addressed to the applicant by the respondent stating that the corporate debtor has diverted its funds to its another joint venture viz. PPESPL and seeking more time for settling the outstanding debt - On perusal of the records it is found that at page No. 15 to the application, the petitioner has provided a copy of the invoice dated 07.01.2014 reflecting the details of order placed by the corporate debtor vis-a-vis the terms of payment - thus, the respondent has defaulted in payment of the debt and has admitted the operational debt from time to time. This adjudicating authority is of the considered view that operational debt is due to the Applicant and it fulfilled the requirement of I & B Code. That, service is complete and no dispute has been raised by the respondent at any point of time. That, Applicant is an Operational Creditor within the meaning of Section 5 sub-section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default and the amount claimed by operational creditor is payable in law by the corporate debtor as the same is not barred by any law of limitation and/or any other law for the time being in force. Application admitted - moratorium declared.
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