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2019 (11) TMI 1570 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - the whole argument and the plea of the Corporate Debtor was demolished by the letter dated 12th March, 2018 having been admittedly written by the Corporate Debtor to the Operational Creditor which superseded all the correspondences between the parties - HELD THAT:- It is clear that the Corporate Debtor has acknowledged, admitted and confirmed its outstanding liability of ₹ 1,05,17,735/- towards the Operational Creditor as on 12th March, 2018. Moreover, this letter has been written by the Corporate Debtor to the Operational Creditor during the pendency of this application - it can safely be deduced that there is an admitted outstanding debt of ₹ 1,05,17,735 payable by the Corporate Debtor to the Operational Creditor which was to be paid by the end of 31st August, 2019 in instalments as per its own acknowledgement which the Corporate Debtor has failed to discharge. This Adjudicating Authority is therefore of the view that Corporate Insolvency Resolution Process has to be initiated against the Corporate Debtor - Application admitted - moratorium declared.
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