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2022 (1) TMI 566 - 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:- A pre-existing dispute regarding the material supplied by the operational creditor has been in existence, even before the reply to the demand notice has been issued remain unsubstantiated. Further we also observed from the record before us that even though the representatives of operational creditor and the corporate debtor have participated with Sintex in the triparty meeting the record does not show any dispute being raised by corporate debtor in any of the meetings. In fact for the first time a dispute has been raised in reply to the demand notice. Hence we find no force at all in the plea of the corporate debtor that there was a pre-existing dispute. The corporate debtor has categorically acknowledged the outstanding debt on two separate occasion's i.e. on 27.04.2019 and on 25.11.2019. This admitted debt remain undischarged despite notice of demand. There exists an operational debt and the same despite being acknowledged by the corporate debtor on various occasions and failed in discharging the same that there is no pre-existing dispute - Application admitted - moratorium declared.
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