Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (2) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 562 - 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 - HELD THAT:- It is the matter of record that vide order dated 13.03.2020 the counsel for the Operational Creditor submitted that the parties have entered into settlement and a part payment of ₹ 2,00,000/- (Rupees two lakh only) has been received by the Operational Creditor. However, on 18.02.2021, after the settlement was entered into, the Corporate Debtor has failed to adhere to and comply with the settlement of payment and the remaining amount has not yet been paid - From the records it is apparent that the goods were supplied and delivered and a debt towards it is due and payable in favour of the Operational Creditor. The petition 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 the minimum amount of one lakh rupees as stipulated under section 4(1) of the Code at the relevant time. There is no defence from the side of the Corporate Debtor. Therefore, the default stands established and there is no reason to deny the admission of the petition - this Adjudicating Authority admits this petition and orders initiation of CIRP against the Corporate Debtor. Petition allowed - moratorium declared.
|