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2019 (10) TMI 1364 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make payment of principal and interest aggregating to ₹ 20,61,793 as on 01.09.2017 which is the date of default - existence of debt and dispute or not - HELD THAT:- It is observed that the Demand Notice dated 13th April, 2018 was served on the Corporate Debtor and the same was delivered by speed post to the Corporate Debtor. The acknowledgement for the delivery has been submitted by the Operational Creditor - The Corporate Debtor has made part payment of ₹ 10,00,000/-, and the remaining principal amount of ₹ 14,78,496/- along with interest of ₹ 5,83,297/- totalling to ₹ 20,61,793/-. Thus, debt on the Corporate Debtor is proved by the Operational Creditor. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Application admitted - moratorium declared.
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