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2020 (5) TMI 673 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditor - existence of debt and dispute or not - HELD THAT:- The respondent-company is unable to pay the outstanding operational debt which is due and payable arising in the usual and ordinary course of business and has become commercially insolvent. In such circumstances, it is just and equitable and in the interest of the justice that the corporate insolvency resolution process be initiated against the respondent-company - the corporate debtor has defaulted in making payment and the date of default is August 23, 2016 to September 27, 2016. The petition is filed on August 30, 2018 under section 9 of the Insolvency and Bankruptcy Code, 2016 for the unpaid operational debt due and defaulted of ₹ 12,11,305. Invoices are of June 23, 2016, July 6, 2016, July 8, 2016, July 18, 2016 and July 27, 2016. Date of default starts from August 23, 2016 to September 23, 2016 - No pre-existing dispute before the filing of this application is observed. This Adjudicating Authority is satisfied that: (a) Existence of debt is above ₹ 1 lakh. (b) Debt is due and defaulted. (c) Default has started from on August 23, 2016 to August 27, 2016. (d) The petition has been filed within the limitation period as the date of default is August 23, 2016 and the petition has been filed on September 30, 2018, i. e., within three years of the default. (e) Copy of the application filed before the Tribunal has been sent to the corporate debtor, and the application filed by the petitioner under section 9 of the IBC is found to be complete for the purpose of initiation of corporate insolvency resolution process against the corporate debtor. Petition admitted - moratorium declared.
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