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2021 (12) TMI 738 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dues or not - HELD THAT:- There is clear acknowledgement of debt by the corporate debtor in email dated 15.12.2018 annexed as Annexure-P9 (Colly) with the petition. It is also pertinent to take a note that the Notification regarding the enhancement of minimum amount of default to Rs. one crore for the purpose of Section 4 was issued by the Ministry of Corporate Affairs on 24th March, 2020 and the amount defaulted by the Corporate Debtor is much before the coming into effect of notification dated 24th March, 2020. Since any notification issued by the Government is generally prospective in nature unless specifically expressed, hence the said notification is not applicable to the present case. This Tribunal is inclined to admit this application and accordingly initiate the process of CIRP of the Corporate Debtor - Application admitted - moratorium declared.
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