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2020 (1) TMI 303 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor defaulted in paying an amount - existence of debt and default or not - HELD THAT:- Ever since, this Corporate Debtor having not paid the award amount despite the Operational Creditor giving additional time to settle the dues and reminded the Corporate Debtor to pay the claim amount to the Operational Creditor, finally, when no payment came from the Corporate Debtor, this Operational Creditor issued Section 8 Notice on 12.01.2019 by hand demanding payment of the amount aforesaid. On receipt of Section 8 notice, on the same day, i.e. on 12.01.2019, the Corporate Debtor replied admitting the liability that this Corporate Debtor owed to pay ₹ 5,71,515 to the Operational Creditor, but sought additional time to pay this claim to the Operational Creditor. This Operational Creditor has proved existence of debt and default, therefore, this Company Application is admitted by appointing Mr. Senthil Kumar as Insolvency Resolution Professional (IRP) looking at the consent given by the Operational Creditor stating that this Operational Creditor would pay remuneration to the IRP and the expenditure thereto until constitution of CoC. Application admitted - moratorium declared.
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