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2019 (9) TMI 1460 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues due to Operational Creditors - existence of debt and dispute or not - HELD THAT:- The present petition is filed by the Operational Creditor since payment for invoices issued in respect of the goods supplied, have not been paid by the corporate debtor. The total amount of debt is stated to be ₹ 55,28,133/-. Along with the petition, the Operational Creditor has filed the Ledger of the Corporate Debtor in the books of the Operational Creditor which is placed as annexure A-7 of the petition. The statement of accounts of Operational Creditor maintained with Union Bank of India ranging from 01.04.2015 to 14.12.2018 is also found attached with the petition as Annexure A-8 - It is evident that the Corporate Debtor has already made the payment of ₹ 90,000/- after issuance of the demand notice as prescribed in Form 4 dated 31.10.2018, thereby reducing the liability from ₹ 55,28,133/- to ₹ 54,38,133/-. No objections are being raised to the completeness of the application filed under Section 9 (2) of the Code. The operational debt remains unpaid and the demand notice under Section 8 of the Code was duly delivered to the Corporate Debtor on 31.10.2018. The reply to the demand notice has been examined above and found to be not acceptable. The proposed Resolution Professional Shri Vigyan Prakash Arora, has filed Form No.2 in which he has stated that there are no disciplinary proceedings pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, the petition is admitted for initiation of the CIRP process in the case of the Corporate Debtor M/s. Addinath Rubbers Private Limited - moratorium declared.
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