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2023 (8) TMI 799 - AT - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - amount exceeding Rs.1 crore was due for payment to the Operational Creditor - undisputed debt which had become due and payable - operational debt was barred by Section 10A of IBC or not - HELD THAT:- From a plain reading of the communications, there arises no doubt that the Corporate Debtor had acknowledged the outstanding amount which was due and payable to the Operational Creditor. Not only was the outstanding amount acknowledged but an assurance had also been given by Corporate Debtor to clear the said amount and make extra payment towards old outstanding dues. Pre-existing disputes - HELD THAT:- The rider “subject to the claims lodged” is a very generic statement without any specific reference to past disputes and thus devoid of plausibility. Objections in terms of “claims lodged”, if relatable to existing disputes, should have been brought to the pointed notice of the Operational Creditor which has clearly not happened in the present case - when the Corporate Debtor had admitted the outstanding debt and agreed to pay the same, it amounts to clear acknowledgment of debt being due and payable and belies the existence of any dispute. Whether the debt arising out of the invoices fell during the period which attracts the bar of Section 10A of IBC? - HELD THAT:- There are no hesitation in observing that in the present case, all requisite conditions necessary to trigger CIRP under Section 9 stands fulfilled with operational debt having been acknowledged and default committed thereto and there being no real pre-existing disputes discernible from given facts. The Adjudicating Authority has rightly admitted the application of the Operational Creditor filed under Section 9 of IBC - at the impugned order does not warrant any interference. There is no merit in the Appeal. The Appeal is dismissed.
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