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2020 (5) TMI 175 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - Applicant had issued demand notice under section 8 of the Insolvency & Bankruptcy Code, 2016 on the Corporate Debtor, to which no reply was given by the Corporate Debtor - debt due and payable - Existence of debt and dispute or not - time limitation. Whether dispute as raised by the Corporate Debtor is genuine or can be categorised as moonshine? - HELD THAT:- The email conversation raising dispute is with respect to transactions between the Corporate Debtor and V. Together. The registration certificate filed by the Applicant vide dairy no. 2559/2019 reveals that V. Together is a HUF, different from M/s. V. One. The Corporate Debtor has nowhere stated, or objected to, or disputed, the invoices or its contents - Also, despite issuance of section 8 notice by the Applicant, the Corporate Debtor had neither raised any dispute nor made payment. There has been no initiative for setting dues after issuance of notice on the case filed before this Adjudicating Authority, which is the underlying rationale for prior issuance of demand notice under section 8 of the Insolvency & Bankruptcy Code, 2016 - Defences of the Corporate Debtor are thus tenuous and vacillating. The Corporate Debtor can't hold ground on loose and shifting sands. Hence, the defence of dispute raised by the Respondent/Corporate Debtor is lame and without any forceful and pivotal foundation; which in the contextual backdrop can at best be categorised as moonshine defence. Thus, the belatedly raised dispute without establishing nexus and relevance cannot be termed as genuine dispute - this Tribunal is inclined to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor as envisaged under the provisions of IBC, 2016. Time limitation - HELD THAT:- This Tribunal perused all the relevant papers and found them to be in order. The Registered Office of the Corporate Debtor is situated in Jaipur and therefore this Tribunal has jurisdiction to entertain and try this Application. The matter is also within the purview of Law of Limitation. Application admitted - moratorium declared.
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