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2018 (8) TMI 2045 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - service of demand notice - HELD THAT - The fact that there exists a debt of Rs. 16, 95, 406.31 owed by the Respondent to the Applicant and the default is amply proved as seen by the documents submitted by the Applicant on pages 79-85 of his petition. The important aspect to be seen here is whether there is a pre-existing dispute raised by the Respondent before receipt of the Section 8 demand notice. The Applicant has amply made it clear both in its application and its rejoinder the feeble attempts made by the Respondent in claiming that it has suffered a loss due to the negligence of the Applicant. The Applicant has also exposed how the Respondent has back dated the notice for conciliation of disputes and tried to escape from the provisions of the Code as is seen from the tracking reports submitted by the Applicant company. The respondent has not come to this Tribunal with clean hands and this attitude is highly condemnable. if the Respondent had good intentions it would have settled the amounts due to the Applicant minus the disputed amount instead it has adopted devious ways which is not acceptable. Hence the arguments put forth by the Respondent are rejected and this Tribunal orders initiation of the CIRP. The application is admitted - moratorium declared.
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