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2020 (1) TMI 180 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - alleged default due to the operational creditor by the corporate debtor - operational debt within the meaning of Section 5(21) of the Code or not - pre-existing dispute between the parties even before issuance of the Section 8 demand notice or not - HELD THAT:- There is no evidence on record showing that the petitioner-operational creditor had ever agreed to adjust the rent from the Security Deposit which has an entirely different purpose. The corporate debtor is assuming on its own that the lease deed would extend to August, 2019 whereas it is determinable in June, 2019. Therefore, there is no plausible defence set up and there is no pre-existing dispute between the parties. The default stands established and there is no reason to deny the admission of the petition. It is needless to say that if any payment has been made that would be looked into by the Resolution Professional. In view of the above this Tribunal is inclined to admit this petition and accordingly initiate the process of CIRP of the Respondent-Corporate debtor. Petition admitted - moratorium declared.
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