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2020 (1) TMI 468 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate debtor failed to make repayment - existence of dispute or not - time limitation - HELD THAT:- It has been concluded from the contentions of the corporate debtor that the corporate debtor has tried to create and raise a pre-existing dispute by asserting that the entire gamut of dispute is amongst the applicant and the corporate debtor with respect to the quality of the product being rendered by the applicant and by annexing the debit notes which were never issued to the applicant prior but were raised only after the issuance of the section 8 demand notice. The corporate debtor has not placed on record any document which exhibits the plausible dispute between the parties. Thus, there is no merit in the so-called dispute raised by the corporate debtor in reply to Section 8 demand notice and in the reply to the application. Further, this leaves no doubt that the default has occurred with respect to the payment of the operational debt of the applicant - thus, the application is complete as per the requirements of section 9 of the code. Further the date of default occurred from 31.08.2017 and hence the debt is not time barred and the application is filed within the period of limitation. Application admitted - moratorium declared.
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