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2018 (7) TMI 72 - Tri - Insolvency and BankruptcyInitiating the Corporate Insolvency Resolution Process - Existence of eligible debt - Held that:- The onus to prove the existence of the alleged existence of bonafide dispute lies upon the respondent. When a person is bound to prove the existence of any fact, the burden of proof lies on that person. When serious allegation of fraud have been raised by the respondent heavy onus lies upon the respondent to show sufficient particulars which prima facie prove the allegations. Therefore, without any specific details, material particulars and evidence the fact of existence of a dispute cannot be sustained. Form the definition of “Operational creditor” and “Operations Debt” it can be seen that the applicant having provided service to the respondent company comes within the definition of Operational Creditors. Similarly, the claim of outstanding dues comes within the definition of Operational Debt. We are satisfied that the present application is complete and the Operational Creditor is entitled to claim his dues towards the outstanding dues from the corporate debtor and there has been a default in payment of the operational debt. Therefore, on fulfilment of the requirements of section 9 (5) (i) (a) to (e) of the Code, the present application is admitted. The Insolvency and Bankruptcy Board of India vide its letter dated 1.1.2018 has recommended a panel of Insolvency Professionals for appointment as Insolvency Resolution Professional in compliance with Section 16(3)(a) of the Code in order to cut delay. The list of recommended Insolvency Professionals provides instant solution to the Adjudicating Authority to pick up the name and make appointment.
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