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2022 (1) TMI 459 - 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 - time limitation - Service of demand notice - HELD THAT:- The demand notice was received back undelivered. The same is delivered via e-mail and attached in the main petition at Page Nos. 38-40. Also the service has been done through publication. In view of the same, it is held that the demand notice has been duly served. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- It could be seen that the corporate debtor has chosen not to file reply to the petition despite being granted three weeks to do so nor has corporate debtor entered into appearance. It is pleaded by the operational creditor that no reply has been received to the demand notice dated 15.02.2019 from the corporate debtor. It is also pleaded that there is no dispute of unpaid operational debt pending between the parties in any court of law or any other authority. It implies that there is no dispute in relation to the debt claimed as per Part IV of Form 5. Whether this application is filed within limitation? - HELD THAT:- The period of limitation would begin from the date of default mentioned in Part IV, Form V i.e. 08.02.2018. This application was filed on 21.05.2019 vide Diary No. 2573. Therefore, this Adjudicating Authority finds that this application was filed within limitation. It is noted that the corporate debtor has failed to make payment of the aforesaid amount due as mentioned in the statutory notice till date. Thus, the conditions under Section 9 of the Code stand satisfied. It is evident that from the facts that the liability of the corporate debtor is undisputed. Accordingly, the petitioner proved the debt and the default, which is above threshold limit. It is seen that the petition preferred by petitioner is complete in all respect. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the petitioner. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, the petition for initiation of the CIR Process in the case of the Corporate Debtor, is admitted - moratorium declared.
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