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2019 (9) TMI 1450 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Debt - debt due and payable or not - existence of a dispute between the parties - HELD THAT:- It is clear that the Adjudicating Authority after satisfying itself that the 'operational debt' is exceeding ₹ 1 lakh and the application shows that the aforesaid debt is due and payable and has not been paid, in such case, in absence of any existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid 'operational debt', the application under Section 9 cannot be rejected and is required to be admitted. Since all the aforesaid condition are fulfilled in the instant case, the application submitted by Operational Creditor is Complete in all respects and there is no defect pointed out by Corporate Debtor. It is also proved that payment of unpaid operational debt has not been made by the Corporate Debtor. Application admitted - moratorium declared.
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