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2019 (9) TMI 1469 - 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 - service of demand notice - whether the demand notice on Form No. 3 dated 09.06.2018 was properly served? - HELD THAT:- We have gone through the contents of the application filed on Form No. 5 and find the same to be complete - there is an unpaid operational debt amounting to ' 68,77,460/- (excluding interest claimed by the Operational Creditor @24%). The extract of the ledger of the Corporate Debtor for the period 01.02.2017 to 30.04.2018 is at Annexure P-5 of the Petition. Affidavit verifying the total payment received in bank account of the Operational Creditor from the Corporate Debtor in cash as well as bank transfer/cheques is at page no 1617 of the petition, as per the audited Balance Sheet for Financial Year 2016-17, has also been filed - demand notice in Form No. 4 was also sent on 13.03.2018 stating that the amount due from the corporate debtor to the operational creditor is ' 68,77,460/- (excluding interest @ 24% claimed by the Operational Creditor) and despite service of the No Interim Resolution Professional has been proposed by the Petitioner. Due opportunity is granted in the course of hearing to the respondent-corporate debtor to rebut the claim of the petitioner - In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, we 'Admit' the petition for initiation of the CIRP process against the Corporate Debtor M/s. Mars Hospitality and Retail Pvt. Ltd. and pronounce moratorium by appointment of an Interim Resolution Professional. Application admitted - moratorium declared.
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