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2020 (8) TMI 458 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - pre-existing dispute or not - HELD THAT:- The supply of materials by ‘Operational Creditor’ to the ‘Corporate Debtor’ under the purchase order and LoA is not in controversy. It is also not in controversy that some of the goods lying unutilised in Gaya DF Area, exposed to vagaries of Nature or pilferage, were lifted back by the ‘Operational Creditor’ at the specific request of the ‘Corporate Debtor’. The conclusion drawn by the Adjudicating Authority on the basis of material brought on record by the parties that dispute in regard to quality of goods not matching the specification of franchiser was for the first time raised by the ‘Corporate Debtor’ in its reply to the demand notice, justifies the conclusion that the defence raised was an afterthought and spurious. Factum and validity of the letter produced, goes un-assailed and uncontroverted on the part of ‘Corporate Debtor’ as also the Appellant. The amount acknowledged to be in default far exceeds the prescribed limit of ₹ 1 lakh warranting triggering of ‘Corporate Insolvency Resolution Process’. In this view of the matter, the issue raised in this appeal no more survives for consideration as the operational debt being due and payable stands admitted and acknowledged. Appeal dismissed.
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