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2019 (8) TMI 1698 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor will make payment of dues or not - Operational Creditors - service of demand notice - Jurisdiction of NCLT Mumbai - HELD THAT:- Pursuant to Section 408 of the Companies Act, 2013, the National Company Law Tribunal has been constituted in different States. In terms of the said provision, the Central Government has notified and vested the power on respective National Company Law Tribunals to deal with the matter within its territory, where the registered Offices of the Companies are situated. As per Section 60(1) of the I&B Code - the National Company Law Tribunal, Mumbai Bench has the jurisdiction to entertain an application under Section 9 of the I&B Code and the Appellant cannot derive advantage of the terms of the Agreement reached between the parties. Service of Demand Notice - HELD THAT:- ‘Corporate Debtor’ was not served with the Demand Notice in terms of Section 8(1) of the I&B Code. However, from the record it is found that Demand Notice under Section 8(1) of the I&B Code was issued by the Respondent - ‘Operational Creditor’ on 6th March, 2018 demanding the repayment of US $971,412.98 plus ancillary obligations @ 15 % p.a. amounting to US $286.804.44 and despite receiving of the said Demand Notice, the ‘Corporate Debtor’ had not replied, nor repaid the outstanding dues. The Adjudicating Authority has as such not accepted such plea based on record. Also, option was given to the Appellant to suggest whether the Appellant or the ‘Corporate Debtor’ would agree to repay the debt as payable to the ‘Operational Creditor’, but it is informed that the ‘Corporate Debtor’ or the Appellant is not in a position to do so. Appeal dismissed.
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