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2022 (1) TMI 397 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - dishonour of the cheques, which were issued for repayment of dues - recovery of damages - HELD THAT:- Taking into consideration of the fact that the cheques which were given as part of the memorandum of understanding were also not honoured by the corporate debtor, the contention of the corporate debtor does not hold any water that the memorandum of understanding was taken under coercion. Further, the cheques were given as a security is also not convincing. It clearly demonstrates that there exists a debt which was substantiated by the memorandum of understanding as well as the cheques issued as per the memorandum of understanding for repayment of the debt. The default of debt was also amply proved by the operational creditor. In addition, the operational creditor has also mentioned in his form 3 demand notice that he has filed the details of debt with the information utility as provided under the IBC. However, the same was not refuted by the corporate debtor which clearly demonstrates that the corporate debtor has not denied the details of debt filed by the operational creditor within the information utility which also further weakens the case of the corporate debtor. The operational creditor has a strong case and the corporate debtor has to be admitted to CIRP as prayed for by the operational creditor. Accordingly, the instant application filed under section 9 of the I and B Code, 2016 is hereby admitted - Application admitted - moratorium declared.
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