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2019 (9) TMI 1458 - 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 - time limitation - HELD THAT:- The Corporate Debtor made it clear that LCs were not honoured and they were taking steps with the Bank officials for renewal etc and further to take appropriate steps. So assurance is given to the Operational creditor by Corporate Debtor that payment will be made for two invoices. At no time the Corporate Debtor raised any dispute with regard to delay of delivery of Tphone Units or on any other ground. So prior to the Demand Notice dated 15.12.2018, there was no dispute raised by the Corporate Debtor at any point of time. In the email shown as Annexure-22 dated 12.10.2018, the Corporate Debtor in fact requested time for renewal of Letter of Credit limits and to make payments. Delivery of consignment is accepted and secondly rejection of Letter of Credit was also confirmed and further requested time. Thus, there is no preexisting dispute raised by the Corporate Debtor prior to issue of demand notice. The Corporate Debtor has not taken any convincing defence for the claim made by the Operational Creditor. There was absolutely no prior dispute and whatever is alleged is only after filing of the Petition against Corporate Debtor. The alleged dispute is only imaginary and is not supported by any evidence. On the other hand, Operational Creditor has placed documentary evidence in support of proof of supply of Tphones and dishonour of Letter of Credit and also default. Therefore, the Petition deserves to be admitted. Petition admitted - moratorium declared.
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