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2021 (9) TMI 633 - 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 - service of demand notice - HELD THAT:- The Petitioner raised invoices aggregative of ₹ 9,11,190/- to Corporate Debtor and the Corporate Debtor made a payment of ₹ 2,97,676/- and hence the outstanding amount of ₹ 6,91,514/- remain payable by the Corporate Debtor. The said invoice were to be paid on immediate basis and contain interest clause wherein the Petitioner could claim interest @ 24% in case delayed payment. Hence an amount of ₹ 3,52,953.91/- towards interest was claimed. The total amount outstanding of ₹ 10,45,467.90/-. The debt became due on 09.01.2018. The Petitioner has issued demand notice under section 8 claiming entire amount due and the Corporate Debtor replied to said demand notice stating that they were unable to pay the monies and were facing financial distress. The Corporate Debtor filed reply and sought time of 12 to 15 months to pay the outstanding balance. Therefore, in view of the facts of the present case which clearly demonstrate the debt which was due for payment under the invoices raised by the Petitioner and the admission of liability by the Corporate Debtor and express declaration of inability of non-payment due to financial crisis, this petition is admitted. The application filed by the Petitioner is on proper Form 5, as prescribed under the Adjudicating Authority Rules and is complete - Application admitted - moratorium declared.
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