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2019 (1) TMI 1986 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt ad dispute or not - HELD THAT:- On the basis of the evidences on record the Operational Creditor has established that the Corporate Debtor is under an obligation to pay for pending Operational Dues aggregating to 4,03,750/- along with interest @ 18% p.a. through two invoices. The said amount is due and a default has also occurred. Considering these facts and circumstances, in my humble opinion the nature of the Debt is an ‘Operational Debt’ as defined under section 5 (21) of the Definitions under The Code. There is a “Default” as defined under section 3 (12) of The Code on the part of the Debtor. The conduct of the Corporate Debtor, despite being served with the notice for intimation of hearings, is evident of the fact that he has admitted its liability - the Operational Creditor has not received the outstanding Debt from the Debtor and that the formalities as prescribed under The Code have been completed by the Operational Creditor. This Petition deserves ‘Admission’ specially wherein the Debtor is accepting its default - Petition admitted - moratorium declared.
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