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2021 (5) TMI 305 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Failure to pay outstanding salary dues to the employees - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - no sufficient proof submitted by Corporate debtor with regard to their claim - HELD THAT:- The arguments made by the Corporate Debtor is that incurring of losses due to the failures in managerial decisions and downfall in the business area of the Corporate Debtor had added more impact on the financial position of the Corporate Debtor and faced numerous difficulties to arrange funds and pay salaries to its employees. The counsel has not submitted any proof that they raised this service issues in response to Form-3 notice or demand notice nor thereafter. It appears to be an afterthought that they are raising this issue in their counter. After perusing the records, we are convinced that Operational Creditor has not received his dues from the Corporate Debtor and the submissions made by the Corporate Debtor in this regard appears to be after thought and was not submitted by any documentary evidence. The Operational Creditor is yet to receive his salary dues from the Corporate Debtor. The submissions made by the Corporate Debtor is not convincing and accordingly the application for CIRP of the Operational Creditor has been admitted. Application admitted - moratorium declared.
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