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2022 (3) TMI 197 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - pre-existence of dispute in respect of proceedings under section 138 of Negotiable Instruments Act, 1889 - time limitation - HELD THAT:- Both the parties were maintaining a running account in lieu of which invoices were being raised and part payment had been made and as the petition has been filed on 07.11.2019, hence it is well within the limitation period. The Corporate Debtor in the present case contended that the goods supplied by the Operational Creditor were through various third-party manufacturers therefore, the Operational Creditor does not have right to payment or a right to remedy for breach of contract and the operational creditor does not have right to payment against the invoices in which he does not have authority to claim payment from Corporate Debtor on behalf of third parties. However, the Operational creditor in the present application annexed the 'Payment Authority Letters' duly authorizing Operational Creditor to receive payment on behalf of third-party manufacturers from Corporate Debtor. It is pertinent to mention that the corporate debtor in its reply submitted that he reconciled his account after being issued notice of dispute, however no such documentary proof regarding any dispute regarding accounts reconciliation or with regard to material supplied has been annexed with the reply affidavit - It is further pertinent to mention that the corporate debtor in its reply to the Section 8 demand notice has stated that during the course of hearing of complaint filed by operational creditor under section 138 of N.I. Act, the corporate debtor offered an amount of ₹ 30,00,000/- towards final settlement. This Adjudicating Authority is of the view that there is an operational debt which is due from the corporate debtor and the corporate debtor has defaulted in making payment of the amount due and along with that, in the absence of any preexistence of dispute, this tribunal admits this application and initiates CIRP on the Corporate Debtor with immediate effect - Application admitted - moratorium declared.
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