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2021 (4) TMI 1159 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Dishonor of Cheque - Operational Creditors - Existence of debt and dispute or not - HELD THAT:- The date of default is 19.03.2018 that is the date of the last invoice issued which was unpaid, and the present application is filed on 20.05.2019. Hence the application is not time barred and filed within the period of limitation - The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application - The Applicant has complied with the provision of Section 9(3)(b) of the Code, 2106. In order to deal with issue in hand with respect to “preexistence of dispute” as the alleged by the Corporate Debtor in the reply to the notice under Section 138 of Negotiable Instruments Act, 1881, We would like to refer to the judgment of the Hon`ble NCLAT in SUDHI SACHDEV VERSUS APPL INDUSTRIES LTD. [2018 (11) TMI 1671 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] wherein it was held that “ In the present case, it is not in dispute that there is a debt payable to the Operational Creditor and default on the part of the Corporate Debtor. The pendency of the case under Section 138/441 of the Negotiable Instruments Act, 1881, even if accepted as recovery proceeding, it cannot be held to be a dispute pending before a court of law. Thereby we hold that the pendency of the case under Section 138/441 of Negotiable Instruments Act, 1881 actually amounts to admission of debt and not an existence of dispute.” Thus, it is a clear admission of debt and this Adjudicating Authority does not have to indulge in the details or the quantum of debt if the debt proved is more than One Lakh and the default is shown to have occurred. Therefore, the Application is admitted and the commencement of the CIRP is ordered - application admitted - moratorium declared.
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