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2021 (3) TMI 66 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - corporate debtor unable to liquidate their claim - applicant is Corporate Debtor - existence of debt - HELD THAT:- Notice was issued to the corporate debtor vide order dated February 28, 2020 of the Adjudicating Authority and the reply was filed by the corporate debtor as on March 16, 2020. The corporate debtor submitted that at the time of availing the services from the operational creditor, the corporate debtor had full intentions to pay for the services availed by it, however due to bad shape of economy and demonetization the business of the corporate debtor had suffered huge losses, therefore the corporate debtor was unable to pay the said amount. The order was reserved on November 26, 2020 learned counsel for the corporate debtor submitted that the corporate debtor has admitted its liability and inability to pay the amount hence, it clearly establishes the existence of debt. In the above circumstances this Tribunal initiates CIRP of the respondent-company.
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