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2022 (5) TMI 1047 - 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 seen from the records that this Tribunal had given sufficient chances to the Corporate Debtor to file its Reply and appear before this Tribunal. However, the Corporate Debtor failed to appear and also did not file its Reply. This act itself shows that the amount is due and payable to the Operational Creditor. It is observed that the Operational Creditor has served and intimated the date of hearings to the Corporate Debtor on several occasions. On the basis of the evidences on record the Operational Creditor has established that he has delivered services to the Corporate Debtor Company for which an amount of Rs. 12,85,64,268/- is due and a default has also occurred. Considering these facts and circumstances, the nature of the Debt is an 'Operational Debt' as defined under section 5 (21) of the Definitions under The Code. There is a "Default" as defined under section 3 (12) of The Code on the part of the Debtor - On perusal of notice sent under Section 8 (2) of the Code and it came to the notice that the Corporate Debtor has received the same but has not paid the amount of unpaid due. Further, if the Debtor wanted to place on record evidence of 'Dispute' then he could have raised the objection within 10 days as prescribed under section 8 (2) of The Code which had also lapsed now. Hence, admittedly there is no 'Dispute' in respect of the outstanding Debt. The Operational Creditor has successfully demonstrated and proved the debt and default in this case and has also proved that there is absolutely no reason for the Corporate Debtor to hold on to the payment of the invoices. The Operational Creditor has also suggested the name of proposed Interim Resolution Professional along with his consent letter in Form-2 - the Company Petition is liable to be admitted. Petition admitted - moratorium declared.
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