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2020 (7) TMI 206 - Tri - 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:- It is evident that the Corporate Debtor has admitted and acknowledged the debt, by way of its e-mails annexed as A4 and A8, wherein the Corporate Debtor has confirmed the Balance outstanding due towards the Applicant - the Corporate Debtor has failed to reply to the Demand Notice issued under section 8 of the I&B Code and has not raised any dispute before the filing of Reply to the present Application. It is also evident from the letter dated 29-4-2018 that the Corporate Debtor have agreed to pay the outstanding amount along with interest and late payment fee and agreed to pay the court fee if any default occurred in payment of the said outstanding amount - the contentions raised by the counsel for the Corporate Debtor are frivolous and not tenable and hence rejected. The Application is complete and has been filed under the proper form - Applicant, having supplied goods to the Corporate Debtor for which the Corporate Debtor has failed to make payments, is an Operational Creditor as per the provisions of the I & B Code, 2016. The Corporate Debtor has not raised any dispute in respect of the goods and the amount to be paid to the Applicant until its reply to Application. The application made by the Operational Creditor is complete in all respects as required under section 9 Sub-Section 5, Sub clause (i) of I & B Code, 2016. 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 - Petition admitted - moratorium declared.
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