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2022 (2) TMI 1013 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors or not - function as principal or as an agent - existence of debt and dispute or not - HELD THAT:- It is clear that the Petitioners have rendered the services and there is no dispute with respect to the defect of the services. The only dispute is whether the Respondent/corporate debtor has merely acted as an intermediary or was acting as the principal/co-principal with C & K. In order to arrive at any conclusion, the transactions and invoices, which shows that the invoice was raised in favour of Respondent and not C & K are properly perused. Furthermore, part payment is made by the Respondent and not by C & K. The respondent has deducted TDS and same is evident from Form 26AS and the Operational Creditor has deposited GST amount of ₹ 37,08,000/- on the entire amount of invoice in favour of the respondent - the respondent was not merely acting as an agent rather it was acting as the principal and hence is liable to pay the amount to the petitioners which it defaulted in part. As a result, this authority is inclined to initiate the CIR Process of Corporate Debtor. Therefore, the present petition is admitted. Application admitted - moratorium declared.
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