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2019 (4) TMI 1975 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditor or not - existence of debt and dispute or not - service of notice - Time limitation - HELD THAT:- On perusal of the material available on record it is found that service of notice is complete. That, despite issuance of notice by the petitioner the respondent has not made payment of outstanding amount nor raised any dispute. That, no dispute has been raised by the respondent. Time Limitation - HELD THAT:- On perusal of the record it is found that the applicant has annexed to the application invoices for the period from 01.08.2014 to 01.03.2017 for the services rendered to the respondent. On perusal of the bank statement it is found that respondent has never made any payment towards the services rendered by the applicant. It is also found that the bills raised from 01.08.2014 to 01.08.2015 are time barred in as much as there is no acknowledgement of debt which can revive the period of limitation. However, the invoices raised 12.11.15 onwards are within limitation. Existence of debt and dispute or not - HELD THAT:- The operational debt is due to the Applicant. Therefore, Applicant is an "Operational Creditor" within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, it is established that there exists debt as well as there is occurrence of default. That, the Application filed by the Applicant is complete in all respects. That, record show that the notice issued by the applicant is received by the respondent. From the above stated discussion and on the basis of material available on record it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code - application admitted - moratorium declared.
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