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2022 (5) TMI 1306 - 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 documentary evidence furnished with the application establishes an operational debt as claimed by the Operational Creditor and the Corporate Debtor defaulted in payment of the said operational debt? - HELD THAT:- When the Corporate Debtor having duly acknowledged various invoices referred to by the applicant and further stated that the industrial equipments/consumable products supplied by the Operational Creditor are received in good condition, the Corporate Debtor is precluded from contending contra, that too in its counter. It may be stated herein that prior to receipt of Demand Notice dated 20.03.2019 the Corporate Debtor never raised any such plea or any dispute. So much so, the submission of the learned counsel for the Corporate Debtor that the seal and signature of some of the invoices are forged and fabricated is baseless and hence rejected. The ledger filed by the Operational Creditor for the period for the period from 01.04.2014 to 31.03.2019 in respect of the goods delivered under various invoices mentioned above, is not disputed by the Corporate Debtor. The Corporate Debtor has not placed any material to show that for the goods received under the invoices, the Corporate Debtor had made necessary payment. Therefore, we find sufficient force in the plea of the learned counsel for the Operational Creditor that the Corporate Debtor had defaulted in discharge of operational debt. Thus, existence of operational debt and its default by the Corporate Debtor since established, it is a fit case to put the Corporate Debtor under CIRP. Petition admitted - moratorium declared.
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