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2018 (8) TMI 2078 - 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 - HELD THAT:- The petition under Section 9 of the Code can be filed after serving of the demand notice issued under Section 8 of the said Code. The application has to be filed in Form 5, as prescribed in Rule 6(1) of the Code in order to comply with the requirement of Section 9(2) of the Code. As all the requirements of Section 9 of the Code have been fulfilled, we find that the application for initiation of Corporate Insolvency Resolution Process against the respondent-corporate debtor deserves to be admitted - keeping in view the fact that the ledger documents do not contain any entry of addition of interest having accrued over the amount in default the same cannot be accepted. However, being the default in respect of the commercial transaction, we allow the interest @ 9% per annum over the amount in default from the date of last payment made on 04.04.2018. In case the petitioner has to still claim higher rate of interest, it may avail remedy before the Civil Court. The petition is admitted and moratorium is passed under sub-section (1) of Section 14 of the Code.
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