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2019 (7) TMI 1022 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD BENCH, AHMEDABADAdmissibility of petition - initiation of Corporate Insolvency Resolution Process - Section 9 of the Insolvency and Bankruptcy Code, 2016 - default in repayment of operational debt - Existence of debt and default or not - HELD THAT:- On perusal of the documents it is found that operational debt is due to the Applicant and in support of that operational creditor has annexed invoices as per the details given in preceding para No. 5. Therefore, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. The Application filed by the Applicant is complete in all respects - it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. Petition admitted - moratorium declared.
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