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2021 (5) TMI 5 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- As the Respondent was willing to settle the claim of the Petitioner, the Company Petition was earlier disposed of by an Order dated 18.01.2021, by directing the Parties to settle the issue amicably between themselves failing liberty was granted to the Petitioner to approach the Adjudicating Authority with appropriate Petition. Accordingly, the Respondent vide its letter dated 25.01.2021 by inter alia stating that it could not pay its outstanding liabilities due to cash crunch. However, the Respondent failed to pay its admitted debt despite its best efforts and thus filed IA No. 92 of 2021 by seeking to initiate CIRP as prayed for. The Debt and Default in question are not disputed by the Respondent - Application allowed - moratorium declared.
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