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2019 (8) TMI 1813 - 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:- As per the directions of this Bench, the Applicant duly served court notice to the Respondent on 22.12.2018, and the same was received by the Corporate Debtor on 24.12.2018. The affidavit of service of the petition is filed on 04.01.2019 with this Bench. But the Corporate Debtor chose not to make any representation before this Tribunal. No objection has been raised by the Corporate Debtor to date, despite service of Court Notice and after providing ample opportunities. On perusal of the documents submitted by the Applicant, it is clear that debt amounting to ₹7,00,020/- is due and payable by the Corporate Debtor to the Applicant against the invoice dated 21.11.2015 for goods supplied. The outstanding debt is acknowledged by the Corporate Debtor vide its email dated 24.02.2016 by assuring to clear the due amount by the end of the month. Further, the Corporate Debtor has marked its appearance through its counsel but did not file an objection against admission of this application. The outstanding amount that is admittedly in default is more than ₹1,00,000/-. The Application under section Section 9 of I&B Code, 2016 filed by the Operational creditor for initiation of CIRP in prescribed Form No.5, as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is complete. The existing operational debt of more than rupees one lakh against the corporate debtor and its default is also proved. Accordingly, the petition filed under section 9 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency resolution process against the corporate debtor deserves to be admitted. Petition admitted - moratorium declared.
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