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2021 (6) TMI 207 - 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 - HELD THAT:- It is seen that the breakage of glass as per the report given by the glass manufacturers cannot be construed as a deficiency in service on the part of the Operational Creditor and thereby giving rise to a 'dispute' which is existing between the parties. In fact after the issue of the breakage of glass, the Corporate Debtor has issued a cheque to the Operational Creditor on 23.11.2017 and on presentation, the same was returned with an endorsement "funds insufficient" - Further it is seen from the records of the proceedings dated 22.02.2021, 22.03.2021 and 16.04.2021 the Corporate Debtor has sought time under the garb of settlement as the Respondent/Corporate Debtor was taking every effort to settle the matter between the parties amicably and sought for adjournments on the said pretext. Finally when the matter came up for hearing on 16.04.2021, the Corporate Debtor again sought for an adjournment on the pretext that a draft memo in relation to the settlement is yet to be finalized. However, this Tribunal was not inclined to grant any further adjournment and reserved the matter for orders. The Operational Creditor has proved the debt is due and payable by the Corporate Debtor and that the Corporate Debtor has committed default in payment of the said operational debt to the Operational Creditor. Further, the defence as set out by the Corporate Debtor also does not hold any merit in view of the report submitted by the Glass manufacturer stating that the breakage of glass was not due to the manufacturing defect but it is an inherent risk or problem associated with use of tempered glass. Application admitted - moratorium declared.
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