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2021 (1) TMI 149 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor committed default in making payment of its dues - existence of debt or dispute or not - period from 1st January, 2019 to 31st March, 2019 - HELD THAT:- There is no reply from the side of the Corporate Debtor despite of intimation of the date of hearing by the Petitioner, the Corporate Debtor failed to appear, despite service of notice, as such the bench decided to hear the matter ex-parte and posted the matter for final hearing. The Petitioner also produced the Ledger Account of the Corporate Debtor for the period 01.04.2019 to 24.10.2019 wherein it was shown that a sum of ₹ 49,41,663/- is due from the Corporate Debtor. The assurance of the Corporate Debtor to pay the said outstanding dues amounts to admission of its liability. The Corporate Debtor were in breach of terms and conditions of contract in not complying with the 90 days notice period as required under the Subscription form and also defaulted the payment terms and therefore there is a clear liability of payment of monies dues under the several invoices raised by the petitioner. The corporate Debtor having availed the services, failed to pay the monies due under the invoices. This bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgement, decree or other in any court of law; transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor.
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