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2020 (3) TMI 1214 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt an dispute or not - HELD THAT:- It is noted that since the advance payment was effected by the corporate debtor only on February 2, 2018 the corporate debtor cannot allege the delay from the part of operational creditor in completion of the work. Apparently delay occurred from the part of the corporate debtor in releasing the advance which resulted in delayed commencement of the work assigned to the operational creditor. The rest of the averments with respect to the matches are not relevant which have been pointed out reasons for dispute are baseless and bogus, since the existence of the operational debt has been proved by applicant, it is seen from the correspondence regimes of office e-mail communication that they have not disputed existences of operational debt which has fallen due after completion of the work by the operational creditor. The application is admitted as has been filed by the operational creditor and consequently corporate insolvency resolution process is initiated - the application stands admitted in terms of section 9(5) of the IBC, 2016 and the moratorium shall come in to effect as of this date.
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