Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (11) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 1472 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make the repaymnet of its dues - Operational Debt - existence of debt and dispute or not - service of demand notice - HELD THAT:- As a statutory requirement under Section 9(3)(b) of the Code, an affidavit dated 08.05.2019 (Annexure-IV of the petition) has been placed by the operational creditor stating that despite service of the demand notice dated 25.03.2019, no reply or notice of dispute has been received and has not paid the operational debt referred to in this petition as unpaid. We have held above that the demand notice in Form No. 3 was properly delivered by the Operational Creditor and no pre-existing dispute is proved. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- The corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. It is also observed that the conditions under Section 9 of the Code stand satisfied. The applicant-operational creditor states that from the abovementioned fact it is clear that the liability of the respondent-corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is more than ₹ 1 lac by the respondent-corporate debtor. The petition for initiation of the CIRP process in the case of the Corporate Debtor M/s. Shristi Plywood Pvt. Ltd. is admitted - moratorium declared.
|