Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (3) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (3) TMI 386 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - claims dues of Operational Creditors - existence of debt and dues or not - HELD THAT:- There is no truth in the story of issuing debit note by the Corporate Debtor or acceptance thereof by the Operational Creditor. The version of the Operational Creditor that neither of the two letters were received by the Operational Creditor and the seal and initials also do not belong to the Operational Creditor in any manner appears to be probable one. The Operational debt of ₹ 1,70,82,059.04 is due and outstanding to be payable by the Corporate Debtor to the Operational Creditor. The Corporate Debtor has failed to clear its outstanding and defaulted in making the payment in spite of notice under Section 8 of the IBC. The sum of ₹ 1,70,82,059.04 is payable along with interest to the Operational Creditor - there are no hesitation in admitting the petition and ordering initiation of CIRP against the Corporate Debtor. Application admitted - moratorium declared.
|