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2019 (11) TMI 1486 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Debt - existence of debt and dispute or not - HELD THAT:- There is an unpaid operational debt amounting to ₹ 2,43,43,067/- (inclusive of ₹ 1,86,42,633/-plus ₹ 57,00,434/- @ 12% annually for the period from 31.05.2016 to 28.02.2019). Copy of Ledger Account of the corporate debtor in the books of the financial creditor for the period of 01.04.2014 to 31.03.2019 (Annexure-VI of the petition) has been filed. The copy of invoices has been filed at Annexure-IV of the petition. Moreover, demand notice in Form No. 3 & 4 were also sent on 15.03.2019 stating that the amount due from the corporate debtor to the operational creditor is ₹ 2,43,43,067/-. As a statutory requirement under Section 9(3)(b) of the Code, an affidavit dated 24.04.2019 has been placed by the operational creditor stating the corporate debtor has not given any notice relating to the dispute of unpaid operational debt in terms of the Code. We have held above that the demand notices in form No. 3 & 4 were properly delivered by the Operational Creditor and no pre-existing dispute is proved. It has been shown that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notices till date. It is also observed that the conditions under Section 9 of the Code stand satisfied. The applicant-operational creditor states that 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. Application admitted - moratorium declared.
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