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2022 (4) TMI 80 - 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 pertinent to mention that on receiving a statutory notice in FORM 3, the Corporate Debtor neither disputed the services provided by the Operational Creditor nor denied the fact that there are any outstanding dues. Nevertheless, they themselves in their letter dated 24.05.2019 admitted that they are willing to settle the matter and clear the dues - Further, it is apparent from the record that the Ld. Counsel appearing on behalf of the Corporate Debtor last appeared on 13.02.2020 and undertook to file vakalatnama and affidavit-in-reply. However, none appeared on behalf of the Corporate Debtor since then. Neither any reply has been filed by the Corporate Debtor even after receiving Court Notices. The matter was set ex-parte on 30.11.2021. The present petition made by the Operational Creditor is complete in all respect as required by law. The petition establishes that the Corporate Debtor is in default of a debt due and payable and that the default is more than the minimum amount stipulated under section 4(1) of the Code, i.e., Rupees one lakh, at the relevant time, and since there is no preexisting dispute, there is no defence available to the Corporate Debtor in these circumstances - Petition admitted - moratorium declared.
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