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2021 (6) TMI 355 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT:- The failure on the part of the Corporate Debtor in non-adherence of the time schedule as stipulated under the Joint Memo of compromise as entered into between the parties, based on which this Tribunal was induced to dispose of the petition filed earlier, proves that the Corporate Debtor has committed default in payment of the amount due to the Operational Creditor and as such this Tribunal is left with no other option rather than to initiate Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor. The Petition as filed by the Operational Creditor is required to be admitted under Section 9(5) of the IBC, 2016 - petition admitted - moratorium declared.
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