Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (6) TMI 596 - 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:- In pursuant to the corporate debtor after the receipt of the demand notice is required to raise the dispute within ten days from the receipt of demand notice either the "existence of dispute" or show the documents that the payment of the unpaid operational debt has already been made. And if the corporate- debtor fails to raise the "existence of disputes" and documents showing the payment has not been paid operational debt then the operational-creditor has right to file an application under section 9 of the Insolvency and Bankruptcy, Code, 2016. The corporate debtor has failed to raise any "existence of disputes" and show that the operational debt raised by the operational-creditor has been paid. So under such circumstances there is no option, but to pass the order under section 9(5)(i) if the application is complete and from the perusal of the application we find that the application is complete and there is no payment of unpaid operational debt and no notice of dispute has been raised by the operational creditor or there is no record of dispute in the information utility. On fulfilment of requirements of section 9(5)(i)(a) to (d) of the Code, the present application is admitted - Application admitted - moratorium declared.
|