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2018 (10) TMI 196 - Tri - Insolvency and BankruptcyCorporate insolvency proceedings - proof of default committed by Corporate Debtor - Held that:- Operational Creditor is able to establish total transactions under various Purchase Orders at Rs, 164,44,016/- and amount paid by Corporate Debtor under various invoices was totalling at ₹ 1,16,67,412/- and balance is ₹ 37,76,604/- and if interest @ 24% is added, the total amount due was ₹ 79,20,558/- since it is commercial transactions, the Operational Creditor is entitled to claim interest. The payment shall be made within 35-45 days as per purchase orders. The Corporate Debtor has committed default. The Operational Creditor is able to show balance payable by Corporate Debtor along with interest. The Corporate Debtor has committed default. This Petition is filed under Section 9 of I & B Code. This is an operational debt and Corporate Debtor committed default. The Petition is in conformity with the provisions of Section 9 of the Code. Therefore, there are grounds to admit the petition and CIRP to be started against the Corporate Debtor Company. The petition is therefore to be admitted. In the result, the Adjudicating Authority admits this Petition under Section 9 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code
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