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2020 (4) TMI 504 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - operational debt exceeding ₹ 1 Lakh or not - existence of debt and dispute or not - HELD THAT:- The existence of a dispute between the parties or a record of pendency of a suit or arbitration should be filed before the receipt of the Demand notice of the unpaid Operational Debt. Admittedly, in this case, the Demand notice was issued to the Corporate Debtor on 1-5-2019 to which the Corporate Debtor has admitted his liability and has also stated that they have not filed any appeal against the award of the Arbitrator. It is an admitted fact that only after filing of the petition, the Corporate Debtor has filed the O.P. No. 549 of 2019 challenging the arbitral award which cannot be considered as a "pre-existing dispute" as contended by the Ld. Counsel for the Corporate Debtor in view of the above stated facts. Hence, there are no merit in the submissions made by the Ld. Counsel for the Corporate Debtor and therefore the application filed by the Corporate Debtor stands dismissed. From the documents produced on record, it is evident that the claim falls within the period of limitation of 3 years and is not barred by limitation. The claim amount as made in the petition is also in excess of ₹ 1,00,000/- being the statutory minimum amount fixed under section 4 of the IBC, 2016 for approaching this Tribunal by the creditors, in the instant case by an Operational Creditor - the Application as has been filed by the Operational Creditor is admitted and consequently Corporate Insolvency Resolution Process is initiated - petition admitted - moratorium declared.
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