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2021 (10) TMI 850 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operator Creditors - existence of debt and dispute or not - issuance of demand notice - HELD THAT:- It is seen that CD in reply to the demand notice has not raised any dispute to the outstanding dues to OC and has rather admitted that on 30.03.19, it was communicated to the OC that due to financial difficulties payment could not be made by CD. It is further reiterated that the CD vide reply to the petition dated 06.02.20 has acknowledged that there is existence of commercial arrangement and on 30.03.19, payment of ₹ 1,00,000 was released against the outstanding. The applicant has placed sufficient evidence in support of its claim. Going by the above details, the OC has clearly established the existence of debt and default on the part of the CD. The petition is within the limitation period. The present application deserves to be admitted. Hence, the present application is admitted initiating CIRP on the CD, with immediate effect - moratorium declared.
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