2021 (4) TMI 296 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCH - Insolvency & Bankruptcy

Head Note / Extract:
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT:- There was no appearance on the part of the Corporate Debtor. In the circumstances, the matter is proceeded with, in the absence of the Corporate Debtor. As this Company Petition is only a sequel to the earlier Petition filed, wherein the Corporate Debtor specifically admitted the debt and has also arrived at a settlement between the parties and which amounts stood unpaid even as of today as brought to the notice of this Tribunal vide the present Company Petitioner. In view of the fact that there is an existence of debt owed and the default has been committed on the part of the Corporate Debtor, this Tribunal is constrained to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. Application admitted - moratorium declared.