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2022 (3) TMI 1261 - 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:- Though in the reply notice, the Corporate Debtor took a stand that the Operational Creditor failed to perform his duties as prescribed under the agreements and that the term of 4 years elapsed as per contract dated 31.12.2011 and was not renewed and that the project did not materialise during the term in question, no evidence in that regard is produced and the Corporate Debtor did not choose to appear and contest the case and prove the contentions made in the reply notice. Whereas, by virtue of the documents filed by the Operational Creditor his case stand proved prima facie. Since his case is non-controverted, it has to be accepted as true. It is a fit case to admit and order initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor - Company Petition is admitted - moratorium declared.
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