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2020 (10) TMI 162 - 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 - whether the demand notice in Form No. 3 & 4 dated 16.10.2019 was properly served? - HELD THAT:- The demand notice dated 16.10.2019 was sent at the address as per the master data at Page No.20 of the petition in which the registered office is shown as Village Rani Ki Bain, P.O. Gutkar, District Mandi, Himachal Pradesh-175021. The postal receipt in respect of the Demand Notice is at page-24 of the petition - The copy of demand notice duly acknowledged by the Corporate Debtor is at Page 24 to 30 of the petition. The Corporate Debtor has replied to the demand notice dated 16.10.2019 vide e-mail dated 30.10.2019 admitting the debt. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- The respondent corporate debtor has not disputed the liability towards the operational creditor and has expressed its inability to pay the outstanding 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. 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 M/s. Ram Hari Auto's Pvt. Ltd. is admitted and moratorium and appointment of Interim Resolution Professional is declared. Application admitted - moratorium declared.
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