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2020 (1) TMI 1390 - NATIONAL COMPANY LAW TRIBUNAL, CHENNAI BENCH-IMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Debt - pre-existing dispute or not - HELD THAT:- Tribunal observes that the letters of dispute purported to have been issued were produced only during the advanced stage of hearing in the counter affidavit filed by the new Authorized Representative. Further, no record of joint inspection as to the quality issue is seen to have been done by the parties or even by a third party when the quality issue was noticed by the Corporate Debtor; nor the letter of dispute is seen to have been acknowledged by the Operational Creditor - This Tribunal also observes that so far the parties have not filed any Joint Memo of Compromise as directed by this Tribunal nor the Corporate Debtor has been able to produce any further documentary proof to substantiate the existence of dispute which was brought to the notice of this Tribunal only, in the advanced stage of hearing, probably as an afterthought. Taking into account the whole gamut of the issue this Tribunal finds that existence of the Operational debt is proved and the dispute could not be proved to the satisfaction of this Tribunal by the Corporate Debtor and accordingly the petition for initiating against CIRP Process is admitted - Application admitted - moratorium declared.
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