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2022 (11) TMI 931 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of Pre-existing dispute or not - HELD THAT:- Upon perusal of the purchase order dated 25 September, 2017, purchase order no. CIMM/17-18/000568, it emanates that various part supplies made there under. The instant claim of the Operational Creditor was covered by a Letter of Credit opened by the Corporate debtor through Indusind Bank being LC No. for a sum of Rs. 1,86,16,500/- for supply of 90 bogies, out of which a sum of Rs. 98,32,716 /- against supply of 45 bogies has been paid to the Operational Creditor and the price for the remaining supply of bogies is what remains due and payable. - Separate purchase orders were issued which gave rise to separate cause of actions. Hence, it is clear that the Purchase order is a separate contract for which independent proceedings has been initiated before this Adjudicating Authority, and against which no dispute whatsoever has been ever raised by the Corporate Debtor. As such it is construed that there is no pre-existing dispute. The present petition made by the Operational Creditor is complete in all respects as required by law. The Petition establishes that the Corporate Debtor is in default of a debt due and payable and that the default is more than the minimum amount stipulated under section 4 (1) of the Code, stipulated at the relevant point of time. Application admitted - moratorium declared.
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