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2020 (3) TMI 94 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- On perusal of the reply filed by the corporate debtor it is also observed that more stress is made towards the issue of interest and the main defence raised by the corporate debtor that "there is no agreement between the parties on payment of interest towards overdue payments as per the purchase orders placed on the operational creditor" is illogical and without any justification - It is also a fact that amount is due and payable to the operational creditor which is above ₹ 1.00 lac as per section 4 of the I & B Code and no dispute is ever raised by the corporate debtor nor the same is barred by law of limitation. This adjudicating authority is of the considered view that operational debt is due to the Applicant, No dispute has been raised by the respondent. That, Applicant is an Operational Creditor within the meaning of sub-section (5) of section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default - . Here in this case the application is in proper format as prescribed under I & B Code 2016 and is complete in all respect and is not barred by any law. It is a fit case to initiate Insolvency Resolution Process by admitting the Application under section 9(5)(1) of the Code - Petition admitted - moratorium declared.
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