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2022 (10) TMI 438 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - Whether payment to the Operational Creditor/Respondent No. 1 as per Second Work Order was due from the Corporate Debtor giving rise to an operational debt? - whether a default has been committed by the Corporate Debtor/Appellant in respect of payment of such operational debt having already become due and payable? - whether the said operational debt exceeds an amount of Rs. 1 lakh and is an undisputed debt? - HELD THAT:- The net outstanding amount as Rs 11.53 lakhs as on 04.08.2018 and therefore clearly establishes debt above the threshold of Rs. One lakh having become due and payable. Coupled with the fact that the Corporate Debtor by his own admission on 10.04.2018 has admitted that there was an outstanding amount payable on its part leads to the conclusion that there was debt due and payable beyond the threshold of Rs. one lakh on the part of the Corporate Debtor. Whether there is existence of dispute between the parties? - HELD THAT:- As there is nothing on record to suggest that the Corporate Debtor/Appellant raised any such dispute before receipt of invoices or at any period prior to the issue of demand notice, this cannot be held as a case of pre-existing dispute. There is no exchange of correspondence raising any dispute prior to issue of demand notice. The Corporate Debtor/Appellant has defaulted in the payment of operational debt, of an amount exceeding Rs one lakh, which amount had clearly become due and payable, and further in the absence of any pre-existing dispute, there are no error has been committed by the Adjudicating Authority in admitting the application under Section 9 of IBC and initiating CIRP - Appeal is dismissed.
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