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2020 (7) TMI 298 - 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 - service of demand notice - Existence of dispute or not. Whether the demand notice in Form No. 3 dated 11-9-2018 was properly served? - HELD THAT:- The demand notice dated 11-9-2018 was sent at the address as per the master data at Page No. 6-A of the petition in which the registered office is shown at B-XX-550, Ghumar Mandi, Ludhiana, Punjab-141001. The postal receipt in respect of the Demand Notice is at page-82 (Annexure A-12) of the petition. It is observed that no reply has been received in respect of the above demand notice from the side of corporate debtor. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- Since there has been no representation from the side of corporate debtor, therefore, there lies no question of raising dispute by the corporate debtor. Thus, there is no dispute as to the liability between the corporate debtor and the operational creditor. It has been shown that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. It is also observed that the conditions under section 9 of the Code stand satisfied. The applicant-operational creditor states that from the above mentioned facts, it is clear that the liability of the respondent-corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is more than ₹ 1 lac by the respondent-corporate debtor. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, the petition for initiation of the CIRP process in the case of the Corporate Debtor U.I. Beverages Pvt. Ltd. is admitted - moratorium declared.
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