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2022 (1) TMI 107 - 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 - Service of notice - time limitation - HELD THAT:- The Demand Notice under Section 8 of the IBC, 2016 was sent by the Operational Creditor on 25.07.2018 to which the Corporate Debtor replied on 21.08.2018, which is beyond 10 days as given under Section 8 of the IBC, 2016. The Corporate Debtor through email admitted the claim of ₹ 2,94,208/- stating that the balance outstanding amount is the deduction for the loss and damage caused to the Corporate Debtor. However, the Corporate Debtor raised dispute when the Demand Notice was sent by the Operational Creditor. The Corporate Debtor accepted and admitted the dues for an amount of ₹ 1,94,208/- (Rupees one lakh ninety four thousand two hundred and eight). Hence, the claim of the Operational Creditor is accepted & admitted by the Corporate Debtor. The default amount meets the threshold limit as per Section 4 of the IB Code, 2016 and is well within the limitation for filing the present application. It is clear that Corporate Debtor has defaulted in the payment of its debts. On the basis of the facts the application is otherwise defect free & on record - Application admitted - moratorium declared.
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