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2019 (3) TMI 1523 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - claim hit by non-existence of debt - HELD THAT:- As to the understanding between the Operational Creditor and the Corporate Debtor, this Corporate Debtor placed Purchase Order for the material and on supply of such material, the Operational Creditor raised invoices against the Corporate Debtor, subsequent thereof, the Corporate Debtor confirmed the claim amount on 20.02.2018, not only that, the corporate debtor made promises that it would soon pay the dues to the operational creditor, indeed the Corporate Debtor made part payment of ₹ 35,37,499. By this, it is evident that the claim of the creditor is established with replete of proof disclosing existence of Operational Debt and default of operational debt. No whisper from the Corporate Debtor regarding alleged non existence of debt until after receipt of Section 8 Notice by the Corporate Debtor. All agreements the Corporate Debtor entered into with group companies and correspondence in respect to other transactions will no way cast any doubt over the existence of debt or default. In view thereof, the material subsequently set out by this Corporate Debtor pales into insignificance as against the proof of existence of debt and default against the Corporate Debtor established by the Operational Creditor. Accordingly, for the reasons aforestated, this Company Petition is hereby admitted by appointing Mrs. Jayashree S Iyer (Reg. No. IBBI/IPA-002/IP-N00741/2018-2019/12211) as the Interim Resolution Professional by declaring moratorium u/s 14 accordingly.
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