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2022 (9) TMI 1390 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate debtor have failed to make repayment of its dues - financial creditors - existence of debt and dispute or not - whether documentary evidence furnished with application shows that the aforesaid debt is due and payable and has not yet been paid? - HELD THAT:- The sine qua non for triggering the CIRP against the corporate debtor by the operational creditor is existence of debt and default .In so far as the case on hand is concerned there is no dispute raised with regard to the existence of debt between the operational creditor and corporate debtor and in fact the corporate debtor had even made part payments towards amount claimed under the invoices - The record reveals that despite of receiving the demand notice corporate debtor has not chosen to send any reply that apart no record has been filed by the corporate debtor showing that it has raised the dispute as regards to the quality of services rendered by the operational creditor before receipt of demand notice. The documentary evidence placed clearly shows that the debt is due and payable by the Corporate Debtor. However, the same has not been paid. The application is complete and deserves to be admitted - petition admitted - moratorium delcared.
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