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2022 (11) TMI 563 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- On perusal of the record it is seen that the applicant had entered into two agreements dated 07.12.2016 and 04.05.2019 with the corporate debtor. Copy of the promissory notes dated 07.12.2016 and 04.05.2019 are annexed. The corporate debtor has neither denied the debt nor raised any dispute of money received. On perusal of the reply filed it is seen that the corporate debtor has admitted the debt, though not as financial, but as operational debt. The contentions raised by the corporate debtor about maintainability of the application in its reply, are devoid of any merit. Thus, it is evident that the debt is due and payable and default has occurred. The present application is complete in terms of Section 7(5) of the Code. The applicant is entitled to claim its dues, establishing the default in payment of the financial debt beyond doubt. In light of the facts and records the present application is admitted and CIRP is ordered to be initiated against corporate debtor. Petition admitted - moratorium declared.
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