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2019 (10) TMI 802 - Tri - Insolvency and BankruptcyAdmissibility of application - initiation of CIRP - Corporate Debtor - default in making payment of the outstanding debt - HELD THAT:- The Operational Creditor has complied with Section 9 (3) (b) & (c) of the I&B Code, 2016, by filing Affidavit, wherein under Para 4, it has been deposed that the Corporate Debtor has not given any notice of dispute or a pendency of a suit or arbitration proceedings in relation to the unpaid of operational debt. The Operational Creditor has fulfilled all the requirements of law for admission of the Application. This Authority is satisfied that the Corporate Debtor has committed default in making payment of the outstanding debt claimed by the Operational Creditor. Therefore, Application is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered, which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared.
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