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2020 (5) TMI 3 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of dispute or not - HELD THAT:- It is noted that the Corporate Debtor has admitted the liability by the letter dated 12-2-2018, at pp.34-35. There is no reply on behalf of the Corporate Debtor - There is unequivocal admission of the debt due and payable to the Operational Creditor in the letter dated 12-2-2018 (at pp.34-35), which is the reply to the Demand Notice dated 27-12-2017. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Application admitted - moratorium declared.
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