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2020 (3) TMI 487 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- The Corporate Debtor has not produced any single documents to prove his part other than simply making submissions that the Corporate Debtor is in connivance with some dismissed employees - The Corporate Debtor also failed to prove that they have disputed the claims of the Operational Creditor earlier except in their reply to the demand notice served by the Operational Creditor. This led us to believe that the claim by the Corporate Debtor of a pre-existing dispute is a frivolous one and made only to evade the claims made by the Operational Creditor. Moreover, the corporate debtor other than simply making submission that "statement showing the pending & final amount due by both the parties relied upon by the Operational Creditor, is a fraudulent one", could not produce any documents or correspondence to prove that the sign off statement is not issued from their office. This bench cannot go with mere statements made by parties but decide only based on the record before us. Therefore, we have no choice to except to believe in what was submitted to us. The amount of debt claimed is ₹ 93,24,741.46/- which exceeds ₹ 1,00,000/- as per the requirement under section 4 of the I & B Code 2016 and the application is within the purview of Section 9 of the I & B Code, 2016 - It can be concluded that the instant Application is complete in all respects, therefore, deserves to be admitted. Application admitted - moratorium declared.
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