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2020 (9) TMI 505 - 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 - Operational Debt - Service of demand notice - HELD THAT:- The demand notice dated 01.10.2018 was sent at the address as per the master data at Page No.14 of the petition in which the registered office is shown as Bhawanigarh Road Samana, Distt. Patiala, Punjab - 147101. The postal receipt is found to be attached with Annexure A-9 at page 55 of the petition. It could also be seen that the Corporate Debtor has replied vide letter dated 26.10.2018 (Annexure A-10) to the demand notice dated 01.10.2018. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- The respondent corporate debtor has neither filed any reply to the petition nor has disputed the liability towards the operational creditor. Thus, there is no dispute as to the liability between the corporate debtor and the operational creditor. It is also observed that on the last date of hearing, learned counsel for the respondent has admitted its liability and submitted that this CP may be admitted. 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 abovementioned fact 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. The petition is admitted - moratorium declared.
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