Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (7) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (7) TMI 1421 - NATIONAL COMPANY LAW TRIBUNAL JAIPURMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - HELD THAT:- Notices were issued in the aforesaid Application. The Corporate Debtor filed its reply vide Diary No. 437/2022 dated 16.02.2022, acknowledging the debt. It is stated that it is not wilfully defaulting the payment and intend to repay the said amount, and the same is evident from its commitment to making payment by confirming the outstanding dues via its Ledger Account (01.04.2021 to 10.11.2021) forwarded by the Operational Creditor. Given the global pandemic, the growth of the business has been hampered a lot, and it is passing through a significant financial crisis. It also stated that it does not want to shy away from its obligation and will pay the entire amount; however, it requires an extension of time. It has been shown that the Corporate Debtor has failed to make payment of the aforesaid amount due till date as mentioned in statutory notice. It is also observed that the condition under Section 9 of the Code stands satisfied. Hence, this Adjudicating Authority is inclined to commence CIRP against the Corporate Debtor as envisaged under IBC, 2016. Application admitted - moratorium declared.
|