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2020 (1) TMI 841 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate debtor failed to make repayment - dispute regarding the operational debt payable - existence of dispute or not - HELD THAT:- Hon'ble Supreme Court in the case of Innoventive Industries Ltd. v. ICICI Bank Ltd. [2017 (9) TMI 58 - SUPREME COURT] after setting out some of the sections of the Code, laid down the scheme of the Code, came to financial and operational creditors triggering the Code against a corporate debtor and held that The Code gets triggered the moment default is of rupees one lakh or more. The Corporate Insolvency Resolution Process may be triggered by the corporate debtor itself or a financial creditor or operational creditor. In the light of the Hon'ble Supreme Court Judgment and the provisions thereof as enshrined in Insolvency & Bankruptcy Code, this adjudicating authority is of the considered view that operational debt is due to the Applicant. That, service is complete and no dispute has been raised by the respondent. That, Applicant is an Operational Creditor within the meaning of sub-section (20) of Section 5 of the Code - From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. Further, as per the Bank Statement produced by the applicant, it reveals that the corporate debtor made some payment on 07.03.2017, hence the claim is also not time barred. The Application filed by the Applicant on 8th February, 2019 is complete in all respect. Application admitted - moratorium declared.
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