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2021 (6) TMI 47 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- It is evident that the respondent has not adhered to the terms and conditions of the order and has raised the issue of quality/specifications of the product as a moonshine defence for not paying the operational debt. Had there been any serious issue with regard to specification/quality of the product supplied by the applicant, the respondent could have returned the product immediately on receipt of certificate of analysis dated 09.05.2019 and 18.05.2019. The instant petition filed by the applicant is well within limitation and there is no pre-existing dispute regarding the operational debt from the side of the corporate debtor - from the material placed on record by the Applicant, this Authority is satisfied that the application is complete in all respect and the Corporate Debtor committed default in paying the operational debt due and payable to the Applicant. The documents produced by the operational creditor clearly establish the 'debt' and there is default on the part of the Corporate Debtor in payment of the 'operational debt' - Petition admitted - moratorium declared.
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