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2020 (10) TMI 393 - 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:- On 04.03.2020, copies of the email exchanged between the parties were handed over across the bar. A perusal of this correspondence reveals that on 02.03.2020, learned counsel for the employee- Operational Creditor addressed a communication to the Corporate Debtor, drawing attention to this Adjudicating Authority’s order dated 10.02.2020, and stating that there has not been a single call from the side of the Corporate Debtor towards settlement. The Corporate Debtor replied vide email of the same date, i.e., 02.03.2020, to the effect that “we have reviewed the matter internally but will not be able to give any payment commitment before next eighteen months due to financial constraints.” This email has remained uncontroverted. Therefore, there is a liability that is clearly admitted by the Corporate Debtor. The application made by the Operational Creditor is complete in all respects as required by law. 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 at the relevant time. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Application admitted - moratorium declared.
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