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2022 (5) TMI 658 - 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 - Whether the Operational Creditor can file this Petition in terms of the Supplementary Agreement which provides for sale of the pledged property in case of default? - HELD THAT:- The contention that by issuing a notice that the pledged goods would be put to sale, the right to proceed under Section 9 of IBC is not available to the Operational Creditor, is not impressive. The Pawnee is given ample powers under Section 176 where it is said that the Pawnee can bring a suit and also retain the pledged goods as collateral security or he may sell the thing pledged by giving notice to the Pawnor. Simply by issuance of a notice it cannot be said that the right given to the Pawnee to proceed otherwise than by selling the pledged property would not be available. The Operational Creditor has stopped at the stage of issuing notice and did not go further on the sale of the pledged goods - Issue is answered in favour of the Operational Creditor holding that this Petition filed by Operational Creditor is maintainable. Whether there is a debt due by the Corporate Debtor to the Operational Creditor and whether the Corporate Debtor has defaulted in discharging the said debt? - HELD THAT:- The law is well settled that the Adjudicating Authority has to admit the application once it is found that the admitted debt due is beyond the threshold limit which in this case is Rs. 1 Lakh and it is evident that the Corporate Debtor has not discharged even the admitted debt - the Corporate Debtor is due a debt to the Operational creditor and has defaulted in discharging the same. The petition is admitted - moratorium declared.
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