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2021 (8) TMI 54 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - reply to the demand notice - HELD THAT:- In its reply to the Demand notice dated 02.12.2019, the Corporate Debtor does not dispute the liability towards Operational Creditor but sought for time to pay its debt, the Corporate Debtor is not in a position to pay of its liability - On the date of final hearing Counsel for the Corporate Debtor submitted that they are willing to settle the issue and ready to make entire payment within a period of Two years. The proposal of the Corporate Debtor is not acceptable to the Operational Creditor. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no pre-existing dispute brought on record. Hence, there is no reason to deny the admission of the Petition. In view of this, Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared.
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