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2022 (6) TMI 871 - Insolvency & Bankruptcy
Head Note / Extract:
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- The Date of default from the due date of Invoice fell on 22.12.2014 and the Petition was filed on 01.08.2018. But it is seen from the correspondences as exchanged between the parties that the Corporate Debtor had acknowledged in its emails dated 27.03.2015, 10.09.2015, 24.09.2015 and 18.11.2015 wherein the Corporate Debtor stated that the financial condition of the Company is unstable, and they were unable to help immediately. The Corporate Debtor Company were under the process of arranging fund as they were facing huge cash flow problems - Hence, it is evident that the Corporate Debtor Company were not in a position to pay the debt and also any contentions of the Corporate Debtor were not raised/replied to the Demand Notice sent by the Operational Creditor to the Corporate Debtor dated 17.05.2018. 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. Petition admitted - moratorium declared.