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2020 (5) TMI 268 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- It is apparent from the records that the payment of claim amount has been defaulted by the Corporate Debtor and despite the issuance of section 8 notice under the Insolvency & Bankruptcy Code, 2016 by the Applicant and the receipt of the same by the Corporate Debtor, the payment was not made. The claim stands established and prima facie the presumption is raised that there is default in payment of the amount due to the Applicant and no dispute is in existence - Hence, this Tribunal is inclined to initiate the proceedings namely, Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor as envisaged under the Provisions of the IBC, 2016 and this application is admitted. Application admitted - Moratorium declared.
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