Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (8) TMI 989 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCHMaintainability 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:- The Operational Creditor has been able to make out a case for initiation of CIRP in respect of the Corporate Debtor. The plea of the Corporate Debtor that it had suffered heavy losses or is having cash crunch due to market response in the business or that it is trying to resolve the financial problems is in a way admission on the part of the Corporate Debtor. The Corporate Debtor had never raised any dispute prior to receipt of notice under section 8 of the Code. The Corporate Debtor has failed even to response to the Demand Notice sent under section 8 of the Code, whereby the dispute, if any existed, could have been raised, there is no hindrance in the admission of the application filed by the Operational Creditor. That application having complied with the provisions of Section 9(3)(b) and 9(3)(c) of the Code, is complete in all respect - application admitted - moratorium declared.
|