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2020 (10) TMI 480 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - dispute not raised within required time period after receipt of demand notice - HELD THAT:- Corporate-debtor after the receipt of the demand notice is required to raise the dispute within ten days from the receipt of demand notice 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 of operational-debt then the operational-creditor has right to file an application under Section 9 of the Insolvency and Bankruptcy, Code, 2016. In this case no reply to the demand notice was sent by the corporate-debtor. Therefore, corporate-debtor has failed to raise any 'existence of disputes' and show that the operational-debt raised by the operational-creditor has already been paid. So under such circumstances, there are 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 and the operational-creditor has also proposed the name of the IRP against whom there is no disciplinary proceedings pending and the defaulted amount is more than one lac. So, considering these facts, we have no option to admit the application. Application admitted - moratorium declared.
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