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2018 (9) TMI 943 - NATIONAL COMPANY LAW TRIBUNAL, ALLAHABADCorporate Insolvency Resolution Process - evidence of existence of dispute - Held that:- The cheque issued by the respondent were not credited in the account of the applicant. The corporate debtor did not make payment after receiving the demand notice u/s 8 (1) of IB Code and default on the side of the respondent stand proved in this case. The petitioner is therefore found entitled to initiate corporate insolvency resolution process as against the Respondent. Also matter of record that Operational Debt owed by Corporate Debtor is of more than One lakh Rupees. The Corporate Debtor failed to file any reply or raise any dispute within ten days from the date of receipt of Demand Notice, as mandated under section 8 (2)(a) of the Code. There is no evidence of existence of dispute between Operational Creditor and Corporate debtor regarding outstanding debt. Petitioner, in this case, has complied with section 9 (3) (b) and 9(3)(c), and affidavit to the effect that there is no notice given by the corporate debtor relating to dispute has been filed. As the petitioner fulfils the required criterion for invoking CIRP under Section 9 of the Code, thus petition is liable to be admitted. The Operational Creditor had not received the outstanding Debt from the Corporate Debtor, and the requirements as prescribed under I&B Code have been completed by the Petitioner. Thus we are of the view that this Petition deserves ‘Admission’. Petition filed by petitioner U/S. 9 of the I&B Code is admitted.
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