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2021 (10) TMI 1079 - 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:- The Bench notes that the ample opportunity was given to the Corporate Debtor to file its reply. However, the Corporate Debtor failed to file reply before this Bench - The Bench further notes that till the date of the final hearing the Corporate Debtor did not choose to file any reply contesting above Company Petition and also did not comply the order dated 01.03.2021 wherein he was directed to file reply. Therefore, the Corporate Debtor's right to file reply was forfeited. The counsel appearing for the Financial Creditor invited the attention of this Tribunal to the relevant documents filed in proof of debt and default in support of company petition. Since the Respondent/Corporate Debtor did not file any reply, the claim of the Financial Creditor remains unchallenged. There are no valid grounds warranting the rejection of the above Company Petition as the debt and default are clearly established and the debt is also within limitation. Thus, the present Company Petition satisfies all the necessary requirements for admission. Petition admitted - moratorium declared.
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