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2022 (5) TMI 918 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of dispute between the parties prior to the issuance of the Demand Notice or not - Whether the applicant is an Operational Creditor and the debt is Operational Debt? - HELD THAT:- The Hon'ble Supreme Court while interpreting the definitions of Operational Creditor and Operational Debt, in the case of SWISS RIBBONS PVT. LTD. AND ANR. VERSUS UNION OF INDIA AND ORS. [2019 (1) TMI 1508 - SUPREME COURT] has held that "Operational Creditors are relatable to supply of goods and services in the operation of business". Thus, it is manifestly clear that the Applicant had supplied goods to the Corporate Debtor in terms of the Seller's Contract and therefore, the Applicant is an Operational Creditor and the debt owed to it is an Operational Debt. Whether there exists any dispute between the parties prior to the issuance of the Demand Notice? - HELD THAT:- On perusal of the counter filed by the Corporate Debtor, it is seen that the Corporate Debtor, throughout the averments made in the counter, seems to have only alleged that there exists a dispute between the parties. Further as per the contention of the Corporate Debtor, if the shipment was dispatched by the Applicant in violation to the seller's contract, the Corporate Debtor ought to have at least raised the objection at the point in time when the shipping company had sent a mail to the Corporate Debtor to clear the consignment. However, no documentary evidence or proof has been filed by the Corporate Debtor to show that it had objected to the shipment - the Operational Creditor has also filed an Affidavit under Section 9(3)(b) of IBC, 2016 wherein it has been stated that the Demand Notice has been served. Further in relation to the 'Pecuniary Jurisdiction' the total amount claimed to be defaulted exceeds Rs. 1 crore and as such this Tribunal has the 'Pecuniary Jurisdiction' to entertain this Petition, as filed by the Operational Creditor. The Petition as filed by the Operational Creditor, is required to be admitted under Section 9(5) of the IBC, 2016 - Application admitted - moratorium declared.
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