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2023 (1) TMI 1245 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and default or not - time limitation - Respondent neither appeared nor filed its reply and, therefore, it was proceeded ex-parte - HELD THAT:- It is seen from the record that the date of default relied in the present application is 01.04.2017 and the present application has been filed on 15.12.2020, which is well within the limitation period after considering the directions by the Hon’ble Supreme Court regarding the extension of limitation issued in the Suo Motu Writ Petition (C) No. 3 of 2020 [2021 (11) TMI 387 - SC ORDER]. Since there has been no representation on behalf of the Respondent and it has been proceeded ex-parte, it is presumed that it has nothing to say in the matter. In the given facts and circumstances, the Operational Creditor has established the default on the part of Corporate Debtor in payments of the operational debt, the amount of which is higher than the minimum threshold prescribed under the IBC 2016. The present petition filed under Section 9 is complete and fulfills all the requirements of law. Therefore, the petition is admitted in terms of Section 9(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of Section 14 of the Code. Petition admitted.
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