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2022 (5) TMI 654 - 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:- It is noted that on behalf of the Corporate Debtor strong plea had been made that the Operational Creditor raises invoices in one entity. However, as per the understanding the payments payable to the Operational Creditor had been paid into those three entities against the supply made by one entity. In this regard a strong reliance was placed on e-mail dated 14.07.2016 received from the Operational Creditor whereby the Operational Creditor had walked out in outstanding balance payable by the Corporate Debtor at ₹ 5,82,516/- as on 13.07.2016. Further it was strongly argued on behalf of the Corporate Debtor that the payment had been made to all the three entities against the supply made by the Operational Creditor and based upon that the Corporate Debtor had paid excess of ₹ 1,05,767/-.To substantiate this claim, reliance has been placed by the Corporate Debtor on ledger accounts of the Operational Creditor maintained by the Corporate Debtor in its books of account. No proof of payment or transfer of amounts so claimed has been attached in the reply or thereafter, Thus, such claim remains unsubstantiated for want of evidence to that effect on record. The Operational Creditor has placed on record the balance sheet of the Corporate Debtor as on 31.03.2017 wherein an outstanding sum payable to the Operational Creditor to the tune of Rs. 6,536,488.00 has been shown. This fact further raises doubts on the claim made by the Corporate Debtor as no material has been brought on record to show that this outstanding amount had been arrived at without considering the payment made to all the three entities taken together - It is further noted that Corporate Debtor entered into compromise agreement dated 21.02.2017 for settling down outstanding dues which also goes to show the Corporate Debtor liable to make payment of some liability to Operational Creditor. It is seen from the records that notice of default under Section 8 has been delivered and affidavit under Section 9(3)(b) of IBC has also been filed and debt fell due on 08.09.2017 and this application has been filed on 12.10.2018 so the application is found well within the limitation - It is noted that the application filed u/s 9 is complete and complies with the requirements of the relevant provisions of IBC, 2016 read with Rules and Regulations made thereunder. The outstanding amount is more than the threshold limit of Rs. 1,00,000/-. There does not exist any dispute within the meaning of provisions of Section 8 & 9 of IBC, 2016. Application admitted - moratorium declared.
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