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2022 (7) TMI 771 - 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and dispute or not - HELD THAT:- It is seen from the records that the Company Petition 2430/2018 was disposed of as withdrawn vide Order dated 30.04.2019 in view of the settlement terms as entered between the parties. The said Order also granted liberty to the Operational Creditor to mention the said CP in case of breach of the settlement terms. Further the Operational Creditor had sent demand notice dated 25.05.2018 under section 8 of the Code for unpaid amount of Rs. 32,72,03,256/-. The Corporate Debtor further in its written submissions dated 24.03.2022 have raised an issue that rental dues or dues under a leave and license agreement cannot be considered as an operational debt. In view of the above facts and circumstances and breach of the settlement agreement by the Corporate Debtor further the existence of debt and default has been proved by the Operational Creditor and at the very outset the Corporate Debtor has accepted it’s liability in view of its Settlement Agreement thereby acknowledging its liability which is due and payable against the facilities extended by the Operational Creditor - Further the Corporate Debtor has also nothing stated on the merits of the case nor has denied the liability accrued with regards to the facilities extended. Hence it is clear that the liability to repay falls on the Corporate Debtor. The Company Petition is liable to be admitted - Moratorium declared.
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