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2020 (6) TMI 662 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- A combined reading of Sections 8 and 9 of the 'I&B Code' leaves no room for doubt that the payment of unpaid operational debt has to be unqualified and evidenced by electronic transfer from Bank account of the 'Corporate Debtor' to the Bank account of the 'Operational Creditor' and that the 'Operational Creditor' can initiate 'Corporate Insolvency Resolution Process' only if he does not receive payment from the 'Corporate Debtor' - Admittedly, in the instant case, even the payment of the admitted part of the claim amounting to ₹ 27,08,891/- has not been received by the 'Operational Creditor'. Default being in excess of Rupees One Lac would warrant initiation of 'Corporate Insolvency Resolution Process' at the instance of 'Operational Creditor'. There is no legal infirmity in the impugned order of admission passed by the Adjudicating Authority - appeal dismissed.
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