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2019 (11) TMI 1638 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - Section 8 & 9 of the Insolvency & Bankruptcy Code - HELD THAT:- On 10.12.2018 the Petitioner issued Demand Notice demanding a sum of ₹ 36,36,52,133/- including interest @24% p.a. under Section 8 of the Code. The Demand Notice was returned with the remark “not known”. Subsequently the Petitioner was allowed to take out substituted services by publication in English and Marathi newspapers and affidavit of services to that effect was filed. However, the Corporate Debtor failed to appear before this Tribunal. During the hearing of the petition on 11.11.2019 the Petitioner has produced the confirmation of balance by the Corporate Debtor wherein the liability of ₹ 14,41,26,205/- is acknowledge by the Corporate Debtor. The Petitioner is enclosed the invoices which were raised wherein the Petitioner is entitled for interest @24% p.a. on the delay in payments. The above discussion clearly shows that there is a clear debt and default as such the Corporate Debtor is liable to pay the amount as claimed by the Petitioner. This Bench having been satisfied with the petition filed by the Petitioner which is in compliance of provisions of Section 8 & 9 of the Insolvency & Bankruptcy Code admits this application declaring Moratorium with the directions - Petition admitted - moratorium declared.
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