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2022 (1) TMI 570 - 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:- Since the Corporate Debtor has not responded to the said notice and has not given any proof of existence of any dispute or payment made to the Operational Creditor within 10 days, the Corporate Debtor has lost the golden opportunity provided to the Corporate Debtor under the Code. The Corporate Debtor, however, filed reply to the petition and in the reply also all the vague grounds and averments have been mentioned in its defence. None of the grounds mentioned in the application or submitted by the Ld. Counsel appearing for the Corporate Debtor satisfies to grant any relief to the Corporate Debtor. Corporate Debtor has failed to make the payment of the outstanding dues to the Operational Creditor. On the other side, the Operational Creditor has filed all the requisite documents, which prompt our conscience to admit the petition. This is a fit case for admission of the present petition and initiation of CIRP against the Corporate Debtor - application admitted - moratorium declared.
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