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2020 (6) TMI 721 - 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 - rebuttal of presumption or not - HELD THAT:- The Corporate Debtor has issued a cheque dated 10.11.2018 for a sum of ₹12,46,524/-, which is the principal sum claimed in the present petition. The cheque return memo from the Operational Creditor's bankers placed at Exhibit G at p.30 of the Petition reveals that the reason for dishonour of the cheque is "Payment stopped by Drawer." Stoppage of cheque lawfully drawn attracts penal consequences in terms of section 138 read with section 139 of the Negotiable Instruments Act, 1881, with a lawful presumption that the cheque has been given in discharge of a lawful debt. The onus of rebutting the presumption is on the Corporate Debtor, which has not been discharged. From the material available on record, it is seen that the Demand Notice has been served on the Corporate Debtor on 10.06.2019 - There was no reply to the Demand Notice. The Operational Creditor has placed the necessary affidavit under section 9(3)(b) also on record. 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 at the relevant time. 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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