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2019 (10) TMI 1489 - 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 - HELD THAT:- There is no denial whatsoever about utilisation of services of the Operational Creditor. In normal business practice, this argument cannot be countenanced because credit limits are likely to be exceeded in the exigencies of business. If the argument of the Corporate Debtor is accepted, then the Corporate Debtor itself should be deemed to have violated the terms of the Agreement. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition - this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared.
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