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2019 (11) TMI 1614 - 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 - Service of notice - HELD THAT:- The demand notice dated 09.05.2018 was sent at the address as per the master data at Page No. 257 of the petition in which the registered office is shown as 94, City Centre, Opposite Guru Nanak Bhawan, Amritsar, Punjab-143001. The reply to demand notice is at page 270 of the petition. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- Demand notice in Form No. 3 was also sent on 15.05.2018 stating that the amount due from the corporate debtor to the operational creditor is ₹ 86,07,122. The corporate debtor in its reply to the demand notice dated 27.05.2018 has not disputed its liability and towards operational creditor and has instead asked for some time to clear the debt. As a statutory requirement under Section 9(3)(b) of the Code, an affidavit dated 10.08.2018 has been placed by the operational creditor stating that there is no dispute of unpaid operational debt pending between the parties in any court of law or authorities as on today. The demand notice in form No. 3 was properly delivered by the Operational Creditor and no preexisting dispute is proved - It has been shown that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. It is also observed that the conditions under Section 9 of the Code stand satisfied. The applicant-operational creditor states that from the abovementioned fact it is clear that the liability of the respondent-corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is more than ₹ 1 lac by the respondent-corporate debtor. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, the petition is admitted for initiation of the CIRP process in the case of the Corporate Debtor M/s. Datawind Innovations Pvt. Ltd. and direct moratorium and appointment of Interim Resolution Professional - petition admitted - moratorium declared.
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